EUR/USD: Looks well-supported on dips – Scotiabank
The Euro (EUR) is flat on the day and down only modestly on the week as it holds a neutral range trade around 1.0850, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Short term range trading between 1.07/1.09
“There are no major data reports to note from the Eurozone and no comments from central bankers. Markets have largely shrugged at news of a significant and highly coordinated attack on the French rail network as the Paris Olympics get underway. More, broad range trading looks likely in the short run between 1.07/1.09.”
“Range trading around 1.0850 has evolved largely as expected over the past 24 hours. The EUR looks well-supported on dips and has a quietly bid look to short-term price action, with the chart suggesting steady accumulation of EUR on minor dips in the past few days. Above 1.0875 should be positive. Support is 1.0825.”
Forex News
Keep up with the financial markets, know what's happening and what is affecting the markets with our latest market updates. Analyze market movers, trends and build your trading strategies accordingly.
