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Trading news
31 May 2018
EUR/USD still has some work to do - Scotiabank
Analysts at Scotiabank argued that EUR/USD’s rejection of the low 1.15 area looks a fair bit more compelling from a technical point of view as spot moves through short-term trend resistance.
Key Quotes:
"The EUR still has some work to do and we see a cluster of minor technical points between the 1.1720/45 area that may constitute a belt of price “congestion” to hamper EUR gains in the near-term."=
"However, the EUR sell-off is very stretched and prone to a modest rebound at least from here."
"Above 1.1750 is technically positive. We see support intraday at 1.1645/50 now."