EUR/USD: upside run its course? - Scotiabank

Analysts at Scotiabank explained that the modest upside risks identified for EUR/USD late last week may have already run its course by pushing spot back to the mid 1.06 area.

Key Quotes:

"We see short-term resistance here on the charts and note stronger resistance ahead in the upper 1.06/low1.07 area.

There is very firm resistance on the longer-term charts (which remain clearly bearish) in the low 1.08s. Time-wise, we might have to allow for a few days’ worth of consolidation after the sharp losses posted since the start of the month but minor EUR gains look to be a sell from here."