EUR/USD pulls back after a fresh rejection of 1.0925, but bullish trend remains intact, Scotiabank economists report.
Limited margin for EUR losses
“Euro gains peaked around 1.0925/30, setting up a bit of a double top reversal in price that was triggered by the Euro reversal below 1.0895 earlier. However, the pattern has more or less come true now.” its bearish potential.
“The pair remains above key near-term trend support at 1.0855 and trend-strength oscillators remain aligned bullish for the Euro, suggesting limited scope for losses for the common currency.”
“The pair needs a bounce to 1.0930 to regain some short-term positive traction“.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
