EUR/USD stays neutral/bearish near term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, stays neutral/bearish on spot in the short-term horizon.

Key Quotes

“EURUSD short-term charts continue to reflect negative developments from late last week on the daily (bearish “evening star”) and weekly (bearish “shooting star”) charts”.

“Intraday charts suggest solid support in the low 1.17s while we see resistance at 1.1770/75. Short-term patterns suggest spot is consolidating (bear flag) ahead of another push lower. We think EURUSD risks sliding back to 1.1625 on a break under 1.1725”.