The euro (EUR) is weak, lowering a modest 0.2% against the US dollar (USD) with a small setback from the new maximum of several years on Tuesday, the FX chief strategists of Scotiabank, Shaun Osborne and Eric Theoret indicate.
Neutral ECB comments
“The latest data has included a slight increase in the unemployment rate of the euro zone (6.3% compared to 6.2% expected and previous) and the ECB comments have maintained a neutral tone, with the GC Rehn member, highlighting the risks in both directions for inflation. The comments of the GC of the ECB, rye, also touched the EUR, highlighting the benefits of a stronger currency as a stronger currency as an advantage and source of attraction for investors Global. “
“The trend of several months is bullish and the Momentum indicators have been confirming it, but the RSI is going back from its recent peaks in overcompra territory (coinciding with the recent peaks of exhaustion above the threshold of 70, in the 70 media). We seek short -term support in the lower part of 1.17 and resistance in the lower part of 1.18.”
Source: Fx Street
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