EUR/USD outlook remains bearish near term – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, has reiterated the bearish perspective for the pair in the short-term.

Key Quotes

“Spot looks heavy on the daily and weekly charts but intraday patterns are consolidative, suggesting neutral to sideways price action may persist today”.

“The market may be forming a bear flag on the hourly chart, however, and we look for EUR losses to resume below 1.1300 intraday. We see resistance at 1.1340/50”.