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EUR/USD: UPSIDE MAY BE LIMITED TO THE 1.0550/1.0600 AREA – SCOTIABANK

Alan xi
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EUR/USD has tested sub-1.05 levels twice in the past few hours. Economists at Scotiabank analyze the pair’s outlook.

Headwinds remain

A minor low/reversal may have been reached in the short run after the EUR tested the upper 1.04 area twice since Wednesday. A minor double bottom is in play but upside may be limited to the 1.0550/1.0600 area.

The Euro does appear to be deeply oversold in the short run at least but the pair will need to regain 1.06 to suggest a more sustained rebound is unfolding.


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