EUR/USD: Stocks should renew bullish momentum — Scotiabank

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The pair EUR/USD down from 1.0350 after mixed Eurozone PMI results. Scotiabank economists report that the pair needs to defend 1.03 to maintain the bullish momentum.

Weakness below 1.03 will point to further losses

“The data was mixed, but the aggregate Eurozone data was better than expected and either unchanged or slightly stronger than the October report. All data was below 50, suggesting an economic contraction, but the “The data will not prevent further ECB tightening in December. We expect modest declines in the euro to continue to be supported.”

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“Short-term uptrend remains intact but soft price action may see spot test support around the 1.0300 zone intraday; holding in the figure zone should renew bullish momentum for retest (and break) 1.0350.”

“Weakness below 1.03 will point to further losses towards the 1.02 lows.”

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Source: Fx Street

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