EUR/USD appears bearish near-term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, remains bearish on the pair in the short-term.

Key Quotes

“The broader technical picture has deteriorated somewhat this week, with spot capped around major resistance above 1.08 (effectively 50% retracement of the Nov-Dec fall) and falling below noted support (now resistance at 1.0740), implying that the Jan correction/consolidation in the EUR trend has ended and the broader downtrend is resuming”.

Short-term price action suggests intraday resistance at 1.0710 and support now at 1.0670 (minor double top trigger – weaker below here intraday for a retest of the low 1.06s area)”.