EUR/USD stance remains on the neutral/bearish side – Scotiabank

Strategists at Scotiabank keep the neutral/bearish perspective for the pair in the short term.

Key Quotes

“Fundamentally, we continue to view EURUSD gains to the high 1.12/low 1.13 area as a selling opportunity”.

“Spot traded heavily after testing the upper 1.12 area yesterday but the market has seen little or no follow-through on the downside and remains supported in the 1.1200 area”.

“We see strong, trend resistance at 1.1290/95 still and note a band of support in the low/mid 1.11s (200-day MA at 1.1152). We think a daily close under 1.1130 is needed to boost downside momentum”.