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24 Mar 2016
EUR/USD expects further downside short-term – Scotiabank
According to Chief FX Strategist at Scotiabank Shaun Osborne, spot could slip to lower levels in the near-term horizon.
Key Quotes
“Spot EURUSD is trading more or less exactly where North America opened trading yesterday. There is little sense of a strong directional drive in the markets at the moment from a technical perspective”.
“But intraday gains have brought EURUSD to the top of the bear channel in place since last week’s pop higher to 1.1335/40 and we think 1.1185/90 channel resistance should contain gains for the day”.
“Major support (gap on the short-term charts) held earlier today at 1.1145/50; a clear push under the gap base (1.1120) opens up the downside for EURUSD to 1.1000/50”.
Key Quotes
“Spot EURUSD is trading more or less exactly where North America opened trading yesterday. There is little sense of a strong directional drive in the markets at the moment from a technical perspective”.
“But intraday gains have brought EURUSD to the top of the bear channel in place since last week’s pop higher to 1.1335/40 and we think 1.1185/90 channel resistance should contain gains for the day”.
“Major support (gap on the short-term charts) held earlier today at 1.1145/50; a clear push under the gap base (1.1120) opens up the downside for EURUSD to 1.1000/50”.