EUR/USD bears in control despite EUR-supportive data - Scotiabank

Analysts at Scotiabank explained that EUR/USD is soft,  following the completion of a bearish shooting star candle on the daily chart, ignoring a series of EUR-supportive data releases including stronger regional inflation data out of Germany and stronger confidence data for the euro area. 

Key Quotes:

"The near-term balance of risk appears to be shifting to modest weakness. Inflation is set to remain front and center as we look to the release of euro area CPI early Thursday. Positioning and sentiment are bullish EUR, leaving it vulnerable to near-term adjustment with CFTC gross longs near record highs and with risk reversals pricing a premium for protection against EUR strength."