EUR/USD retains the neutral/bearish stance – Scotiabank

Chief FX Strategist at Scotiabank Shaun Osborne has reiterated the neutral/bearish outlook on the pair in the near term.

Key Quotes

“EURUSD is leaking lower but the move appears to be somewhat reluctant in nature”.

“Early European weakness to near our session low yesterday has been reversed fairly easily but intraday gains through 1.1165 are needed to provide a bit more lift and counter the accumulating pressure of steady losses which is gathering momentum slowly, but surely”.

“Key support remains clustered around 1.1120/50 (200-day MA at 1.1122). We think the technical undertone here is tilting weaker but a break under key supports is needed to raise participation on the short side”.