EUR/USD outlook shifted to neutral/bearish – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, noted the pair’s stance has now shifted to neutral/bearish in the near term.

Key Quotes

“Spot is mid-way between the past week’s range high and low this morning, reflecting market caution on the broader direction of the EUR”.

“EURUSD gains through 1.09 on a weekly close basis will confer a lot more technical resilience on the EUR we feel but there are some signs of potential softness on the daily chart which suggest a potential top building around this week’s 1.0950 high”.