EUR/USD remains bearish in the near-term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, has reiterated the bearish outlook for the pair in the near term.

Key Quotes

“There is not a whole lot of moment to remark upon on the short-term chart but what price action there is to note looks bearish for the EUR”.

“We think the rebound in spot from the low 1.05 area already ran its course after yesterday’s slide off the high. Intraday price signals support the bearish view we think (hourly charts show heavy selling pressure around the London open) and we look for spot to pressure intraday support at 1.0585 and to extend lower towards 1.0510/20 below here. Intraday resistance is 1.0645/55”.