EUR/USD: bull trend remains well-entrenched across al time frames - Scotiabank

Analysts at Scotiabank explained EUR/USD short-term technicals are neutral/bullish.

Key Quotes:

"Many mornings in the recent past the intraday pattern of trade has not looked too bright for EUR/USD and we have characterised the intraday outlook as neutral or bearish; but here we are sitting in the upper 1.18s, testing the major low from 2010 (1.1877)."

"The hourly pattern of trade does not look too positive at writing today and near-term risks seem tilted slightly lower. But there appears little real risk of a major turn developing at the moment. 

Rather, we continue to look for firm EUR support on shallow dips and see major support at 1.1795/00. The bull trend remains well-entrenched across short, medium and longer term charts."