EUR/USD should appear supported near 1.07 – Scotiabank

According to Chief FX Strategist at Scotiabank Shaun Osborne, the pair should remain supported in the 1.0700 area in the short term.

Key Quotes

“EURUSD closed above short-term resistance in the low 1.07 area last night to extend the New Year rally but the advance in the market looks somewhat tired on the short-term chart and intraday price patterns suggest some weakness in the technical picture (“doji” candle on the 6-hour candle chart)”.

“We look for support on dips to the 1.07 area near-term and still rather favour looking for opportunities to fade EUR gains”.