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EUR/USD still room for a squeeze higher – Scotiabank

FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, sees the likeliness of another bullish attempt in the pair in the near term.

Key Quotes

“We still rather think the main risk for spot lies to the downside in the medium‐term but heightened volatility and uncertainty in EM FX are forcing market participants to cover core positions and trade more defensively”.

“We see little real attraction in the EUR in this environment; uncertainty only makes additional ECB easing measures that much more likely in the months ahead”.

“Yesterday was a good day for the EUR technically so, although we don’t like the EUR’s outlook, we have to concede that near‐term risks are tilted higher than we expected—perhaps a test of the 1.1240/80 region”.

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