EUR/USD looks neutral/positive near-term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, has suggested the pair could attempt a test of the 1.1010/20 band in the near term.

Key Quotes

“Price action in EURUSD had reflected a slightly more constructive undertone last week but we gave the market little chance of recovering significantly”.

“From a technical point of view, we now have to recognize the fact that price action overall last week was positive (bullish engulfing line on the weekly candle) which will at least alleviate immediate downside pressure on EURUSD and may prompt some modest back and filling of recent losses”.

“Intraday gains through 1.0960 should see EURUSD push higher to retest 1.1010/20”.