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EUR is soft, but well off its lows - Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that the EUR is soft, but has been unable to break to a fresh low since November 7th, suggesting that there is waning downside momentum.

Key Quotes

“The Bundesbank’s monthly report today warned that economic momentum has faded; while the ECB’s Weidmann warned that sovereign bond purchases carry moral hazard.”

“Today at 9am EST, President Draghi will deliver his quarterly testimony in Brussels. We expect EUR losses to slow from here; but that the trend remains downward.”

“EURUSD short‐term technicals: mixed—suggesting better risk reward elsewhere; as the MACD has shifted into buy territory and spot has failed to break to a fresh low.”

“Support lies at 1.2400; resistance comes in at 1.2580.“

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