EUR/USD sticks to the negative stance near term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, has reiterated the outlook on the pair remains tilted to the negative side.

Key Quotes

“The breakdown in EURUSD below key technical support points last week was an important evolution in the unfolding technical bear trend”.

“Trend strength oscillators are aligning bearishly for the EUR, implying limited scope for counter-trend corrections in spot”.

“We see strong resistance between 1.1050/1.11 now over the medium-term and feel that even modest EUR gains to the 1.10 area (such as we have seen through late morning European trading) are likely to attract selling. Key support is 1.0915 (June low). Seasonal patterns are very EUR bearish”.