EUR/USD Neutral/Bearish Short-Term – Scotiabank
Shaun Osborne, Chief FX Strategist at Scotiabank, has reiterated the neutral/bearish outlook for the pair in the near-term.
“EURUSD has spent the last seven days trading narrowing around the 1.14 area”.
“The collection of narrow real bodies and long upper/lower shadows on the daily candle chart suggest a heightened level of indecision as investors are reluctant to pare EUR longs but are struggling for incentives to push the EUR higher to new highs. This suggests a degree of fatigue in the rally though a move to new highs would perk the market up a little more obviously”.
“We rather think the EUR looks toppish and intraday signals continue to flash EUR-negative amid heavy, but so far short-lived, sell-offs from above 1.14”.
(Market News Provided by FXstreet)