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EUR/USD to continue to trend lower - Scotiabank

FXStreet (Córdoba) - Camilla Sutton, analyst at Scotiabank, commented the EUR/USD is expected to continue trending lower and to end 2015 at 1.2100.

Key Quotes

“EUR is weak, trading below 1.25 to a two‐year low; with the next major support level the 2012 low of 1.2043. The collapse came before the release of either the Eurozone PMIs or China’s non‐manu PMI; as traders took advantage of the break below 1.25. The release of the European PMIs provided almost no further downside pressure; but the releases reinforce the environment of slow growth ahead”.

“This week’s highlight will be the ECB meeting on Thursday and President Draghi’s press conference. We expect EUR to trend lower, closing 2015 at 1.21”

“EUR/USD short‐term technicals: bearish—all technical studies have shifted to sell signals; and the RSI at just 35, provides plenty of downside room before reaching oversold levels. Support lies at the recent low of 1.2440 followed by the psychologically important 1.2400; resistance lies at Friday’s close of 1.2525”.

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