EUR/USD bullish near term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, noted the pair’s outlook stays on the bullish side in the short term.

Key Quotes

“EURUSD closed firmly on the week last week and just about close through weekly trend resistance at 1.1455 off the late 2016 and early 2017 peaks”.

“Spot may chop around the mid-1.14s for now but we think the short-term trend remains bullish for the EUR and expect only modest weakness from here”.

“Intraday patterns suggest some indecision is creeping into the market at current levels but we with the EUR has the momentum to continue pushing higher towards 1.16/1.17 in the next few weeks. Near-term, only loss of support in the upper 1.13s undermines the constructive technical picture”.