Scotiabank: Neutral/bullish short-term technicals for EUR/USD

According to Scotiabank analysis team, EUR/USD pair has been trading on a little softer side and 1.12 levels should act as a strong support levels.

Key Quotes

“Price action challenges our more constructive view of technical position confronting EUR.”

“However, we continue to think that the 1.12 area should provide firm support for EUR in the near-to medium term but we acknowledge that building bearish momentum will mean that losses to new cycle lows will likely mean more sustained weakness for EUR ahead.”