EUR/USD keeps the negative stance near term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, has reiterated the pair’s negative perspective in the short-term.

Key Quotes

“EURUSD managed a brief pop higher yesterday but gains barely extended through the low 1.10 area before the underlying bear tone reasserted itself”.

“Renewed losses today below 1.0915 put spot on track for a test of the final Fibonacci support (1.0794) ahead of a full retracement back to the late 2015 low at 1.0542”.

“Spot is trading a little above the intraday low but we see little prospect of a deeper rebound at the moment as trend signals align bearishly on the short, medium and longer term studies and imply a sustained push lower is developing”.