EUR/USD neutral in the next weeks – Scotiabank

Chief FX Strategist at Scotiabank Shaun Osborne noted the pair’s outlook remains on the neutral side for the time being.

Key Quotes

“Short (and longer run) price patterns have turned somewhat neutral for the EUR as markets consolidate recent gains”.

“The broader trend higher in the EUR looks solid still and we continue to view the EUR’s sustained push above the 1.16/1.17 band (now, broadly, support) as a significant longer run development”.

“However, the sharp run up in the EUR since April leaves spot looking stretched and the market somewhat undecided on where to go next. We see support at 1.1700/10 and resistance at 1.1850. Near-term, price may remain choppy and directionless between those points”.