EUR/USD neutral/bearish near-term – Scotiabank

In view of Shaun Osborne, Chief FX Strategist at Scotiabank, the pair’s upside could be limited around 1.1330/20.

Key Quotes

“EURUSD has rebounded from the low 1.12 area intraday, a little shy of the push to 1.1200/10 that we had expected earlier in the week following the slide from the mid 1.14s”.

“Intraday patterns are leaning positive, with EURUSD breaking hourly trend resistance and forming a “hammer” low/reversal off the 1.1235 level though the London morning session; we expect near-term gains to remain limited, however, and see intraday resistance at 1.1320/30”.