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EUR continues to come with a bearish bias - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the EUR is likely to trend lower over time.

Key Quotes:

"The focus for FX markets is tomorrow’s ECB meeting, where the tone of the press conference combined with any pre‐commitments will be closely watched”.

“A Reuters report highlighting building frustration with President Draghi’s ‘secretive’ management style suggests a divergence in ECB politics and could prove a headwind for cooperation on the board at a crucial time”.

"EUR/USD short‐term technicals: bearish as most studies warn of downside risk and the currency having yet to enter oversold territory”.

“The first level of support is 1.2440, the recent low, followed by 1.2400; resistance comes in at yesterday’s high of 1.2577."

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