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EUR/USD making an attempt at a short period of stabilization - Scotiabank

FXStreet (Córdoba) - Camilla Sutton, strategist at Scotiabank, notes that the EUR/USD looks set to enjoy a short period of rest before building enough momentum for a break lower.

Key Quotes

“EUR is flat to Friday’s close, having traded in a notably tight range ever since the reaction to the ECB’s decision to cut interest rates. Sentix investor confidence dropped to –9.8, the lowest in a year, but had little currency impact. EUR appears to be making an attempt at a short period of stabilization. This week’s data include employment and industrial production but it is next week’s CPI that is the focus. We expect EUR to spend some time close to current levels as it catches it breath”

“EURUSD short‐term technicals: bearish. All studies are in sell territory and the RSI is well into oversold. The candlesticks of the last two sessions suggest indecision in markets, potentially warning of a short period of rest before building enough momentum to take another leg lower. Support lies at the psychological 1.2900; while resistance lies at Thursday’s 1.3150 open”.

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