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EUR/USD risk reward is mixed - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that Bloomberg was reporting that the ECB has begun buying French short‐dated covered bonds in line with its plans.

Key Quotes:

“But also marking the beginning of the ECB’s asset purchase program”.

“After posting a disappointing Q2, at –0.2%q/q and 0.8%y/y, the Bundesbank suggested that economic activity may have been at the same level or increased slightly in Q3, relieving some fears of officially falling into recession. This week the focus will be the general tone of markets and the release of PMI."

"EUR/USD short‐term technicals: Mixed—the technical outlook for EUR has shifted, with some signals turning bearish again”.

“Accordingly there is likely better risk/reward elsewhere. Support lies at last Wednesday’s low of 1.2625 and resistance comes in at Wednesday’s high of 1.2886."

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