EUR/USD near term outlooks stays neutral/bearish – Scotiabank

Shaun Osborne, Chief FX Strategists at UOB Group, noted the pair’s outlook stays neutral to bearish in the short term.

Key Quotes

“EURUSD’s loss of support in the low 1.12s yesterday tips the near-term balance of technical risks a little lower for spot now”.

“Intraday support in the upper 1.11s has been quite firm and the EUR continues to enjoy a broad alignment of technically bullish trend momentum signals on the short, medium and longer run charts”.

“This should mean that near -term downside risks are limited but weakness below 1.1170 in our session will likely see EUR losses extend somewhat”.