EUR/USD: lower end of two-week range exposed, eyes on 1.1750 and 1.1720 - Scotiabank

Analysts at Scotiabank explained that the EUR is soft, threatening the lower end of its two-week range around 1.18.

Key Quotes:

"Stronger than expected German factory orders failed to provide support and EUR appears to have disregarded constructive comments from the ECB’s Mersch as he spoke of the need for a ‘credible perspective of an exit’ from policy accommodation."

"Spreads are showing signs of stabilization and risk reversals hint to a moderation in the premium for protection against EUR strength."

"Near-term support is expected between 1.1750 and 1.1720. Resistance is expected above 1.1880."