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EUR: A conflicting outlook - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank notes that the EUR is down 0.8%, reversing all of yesterday’s gains, on the back of disappointing fundamental releases.

Key Quotes

"Inflation was low and disappointing in most countries and German ZEW (investor confidence) dropped unexpectedly to 3.2 on the current situation, a 4‐year low, and –3.6 for expectations, a 2‐year low. The fundamental deterioration in the outlook for the Eurozone is concerning."

"EUR/USD short‐term technicals: mixed—technical EUR signals are still providing a conflicting outlook, suggesting there is better risk reward elsewhere. Support lies at the recent low of 1.2501 while resistance is at 1.2800."

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