EUR/USD keeps its neutral/negative stance near term – Scotiabank

Chief FX Strategist at Scotiabank Shaun Osborne noted the pair’s outlook remains on the neutral/bearish side in the short term.

Key Quotes

“The broader technical undertone for EURUSD has taken a turn for the worse in the past week – major support levels have been broken in the low/mid 1.11s and upper 1.10s and oscillator studies suggest the bear trend is gaining momentum”.

“However, intraday price action suggests a minor low may have been reached just under 1.0990 in the past couple of hours which could see spot retrace a little of its recent losses near-term towards 1.1040/70. We still rather think that minor EUR gains are a sell”.