EUR/USD neutral/bearish near term – Scotiabank

FX Strategists at Scotiabank keep their neutral/bearish stance on the pair in the near term horizon.

Key Quotes

“Short-term price patterns still look potentially soft, following the peak and reversal in the EUR late last week”.

“Price has formed a bearish three candle (“evening star”) reversal on the daily chart but the absence of any heavy selling pressure (and new short term lows) is not (yet, at least) delivering the confirming signal we would like to see in order to give the formation more relevance”.

“The broader bull trend remains intact and we expect firm support on dips. Below 1.1910/20 is needed to a little more negative spin to the short term chart, however”.