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EUR/USD has turned to bearish near term – Scotiabank

FXStreet (Edinburgh) - Shaun Osborne, Chief FX Strategist at Scotiabank, has noted the now bearish perspective for EUR/USD.

Key Quotes

EUR traded heavily yesterday and price action suggests continued downside risks near-term at least”.

“Dovish ECB comments this week (Nowotny) suggest that the EUR may struggle to improve significantly ahead of the October 22nd ECB policy meeting. We lean towards December as a better opportunity for policy makers to announce additional stimulus measures, however”.

EURUSD formed a bearish outside range day yesterday, which is a big barrier to further gains near term at least. Intraday, losses may extend to the 1.1300/10 area, short-term channel support”.

“More broadly, the EUR’s push above major moving averages (40, 100 and 200-day) since late September suggests the EUR may remain better supported on dips for now”.

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