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Weight on EUR will likely come from surprises to data - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank views that the weight in EUR from here will likely come from surprises to the data and no longer from just the underperformance of Europe.

Key Quotes

“EUR/USD is trading within yesterday’s range, but reached its session lows leading into the release of GDP as ECB member Noyer affirmed that the ECB could buy sovereign debt if needed.”

“EUR/USD failed to break below last Friday’s multi‐year EUR low of 1.2358 and instead traded in a relatively tight 1.2395 to 1.2509 range this week.”

“Downward momentum in technicals has faded; with the MACD threatening a buy signal and diverging from spot, warning of a disconnect.”

“Support lies at the recent low of 1.2358, while resistance comes in at 1.2500.”

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