Solid Euro gains sent EUR/USD extending as low as the 1.09 zone before pulling back. Scotiabank economists believe that recovery pause and correction expected.
Intraday price development looks weak
“Overall Euro Gains Look Solid and are well supported by uptrend oscillators. However, the intraday evolution of the pair seems weak and warns of a possible rise in the dollar”.
“Short-term signs suggest that a top/reversal is developing around the daily high at 1.0930“.
“The pair has rallied relentlessly from last week’s low just above 1.05, so a pause and correction in recovery may be appropriate.”
“We look for support around 1.08 and (firmer) at 1.0750/75“.
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.
