2 May 2016
EUR/USD bullish short-term – Scotiabank
Shaun Osborne, Chief FX Strategist at Scotiabank, noted the bullish outlook for the pair in the near-term.
Key Quotes
“The late April softness in EURUSD that we thought was the prelude to a dip towards 1.10 proved to be no such thing”.
“The steady rise in spot in the past week or so looks well-supported on the charts and the prospect of a strong close to the week will add some longer-term support to the strengthening EUR trend”.
“We note that the upper 1.14s has been a significant source of resistance for the EUR over the past 12-months, however, so the EUR still has work to do if the trend is to extend”.
Key Quotes
“The late April softness in EURUSD that we thought was the prelude to a dip towards 1.10 proved to be no such thing”.
“The steady rise in spot in the past week or so looks well-supported on the charts and the prospect of a strong close to the week will add some longer-term support to the strengthening EUR trend”.
“We note that the upper 1.14s has been a significant source of resistance for the EUR over the past 12-months, however, so the EUR still has work to do if the trend is to extend”.