The pair EUR/USD remains in a tight range around 1.06. Scotiabank economists they believe the risks are on the downside for the euro in the coming weeks.
In the near term, more fluctuations seem likely
“We continue to think that the euro has reached a near-term high and that it could consolidate a bit in the coming weeks. However, the likelihood of further tightening by the ECB in early 2023 suggests that the euro will continue to be supported in the falls.”
“In the short term, more swings in trading seem likely. The pair is more or less halfway between support at 1.0575/80 and resistance at 1.0655/60.”
“Trend signals are weak in short-term studies and the uptrend evident in the daily oscillator signal is clearly overextended.”
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.
