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EUR/USD could test 1.11 in the near term – Scotiabank

FXStreet (Edinburgh) - In the view of Eric Theoret, Currency Strategist at Scotiabank, the pair could visit the 1.1100 neighbourhood in the short term.

Key Quotes

EUR appears to be approaching the resolution of a months-long triangular consolidation, leaving it vulnerable to violent movement in the event of a breakout”.

“We note that medium term moving averages have provided for considerable support, with the 50/100/200 day MA’s clustered between 1.1143 and 1.1186”.

“We look to the potential for a near term test of 1.1100 with medium term risk biased toward a decline to the July lows near 1.0800”.

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