EUR/USD stays negative near term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, noted the pair’s stance is tilted to the negative side in the short term.

Key Quotes

“EURUSD closed weakly yesterday, forming a bearish outside range session on the daily chart; spot also broke below short-term trend support (now resistance at 1.0942), which points to further, short-term weakness at least”.

“We think the open gap on the chart from the April advance between 1.0775/1.0825 should be filled near-term but a weak close overall this week will tip the balance of risks in favour of a deeper correction”.