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EUR/USD keeps the bearish view – Scotiabank

FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, has reiterated the negative view on the pair in the near term.

Key Quotes

“The focus for EUR remains centered on the conflicting forces of EUR-supportive risk aversion and EUR-negative fundamentals, specifically relative central bank policy as ECB policymakers debate the merits of more aggressive accommodation”.

“This week’s primary risk for EUR lies with Wednesday’s release of advance CPI data for September, with headline inflation seen falling to 0.0% y/y”.

“Draghi’s speech on Thursday may provide for added color, with recent comments reiterating the ECB’s flexible policy stance”.

“Both MACD and RSI are bearish, and the 9 day MA (1.1236) appears poised to make a break below the 21 day MA (1.1235). We look to the risk of a re-test of Friday’s lows around 1.1120 (bottom chart). Resistance is expected above 1.1200”.

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