8 Mar 2016
EUR/USD stance looks neutral/bearish – Scotiabank
Chief FX Strategist at Scotiabank Shaun Osborne has reiterated the pair’s neutral/bearish outlook in the near term.
Key Quotes
“EURUSD’s push back form the mid 1.10 area has been gradual and grudging, judging by short-term price action”.
“Every minor dip has generated buying interest but the drop back from the intraday peak has continued nonetheless”.
“Intraday charts suggest a peak is in place for EURUSD in the short run at least. We think the signaled peak is perhaps a little more important than the short-term price action would otherwise suggest as it comes at a fairly important point on the longer term charts (200-day MA as well as the base of the noted 1.1050/1.11 congestion range)”.
“Negative momentum will only build more meaningfully below 1.0940, yesterday’s low, from here”.
Key Quotes
“EURUSD’s push back form the mid 1.10 area has been gradual and grudging, judging by short-term price action”.
“Every minor dip has generated buying interest but the drop back from the intraday peak has continued nonetheless”.
“Intraday charts suggest a peak is in place for EURUSD in the short run at least. We think the signaled peak is perhaps a little more important than the short-term price action would otherwise suggest as it comes at a fairly important point on the longer term charts (200-day MA as well as the base of the noted 1.1050/1.11 congestion range)”.
“Negative momentum will only build more meaningfully below 1.0940, yesterday’s low, from here”.