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Oct 27, 2015
EUR/USD bearish ahead of FOMC – Scotiabank
FXStreet (Edinburgh) - In the view of Shaun Osborne, Chief FX Strategist at Scotiabank, the pair’s outlook remains bearish ahead of the FOMC meeting.
Key Quotes
“EURUSD has put a little distance between itself and the late Friday afternoon lows but the rebound in spot has been capped in the upper 1.10s, with the 1.1075 area serving as strong intraday resistance again today”.
“After two tests of the 75 area, weakness under the intervening low (1.1042 – minor double top neckline trigger) should have prompted more downside pressure over the course of the European morning but there is little desire to push lower it seems. We remain bearish but expect relatively narrow ranges to persist ahead of the Fed”.
Key Quotes
“EURUSD has put a little distance between itself and the late Friday afternoon lows but the rebound in spot has been capped in the upper 1.10s, with the 1.1075 area serving as strong intraday resistance again today”.
“After two tests of the 75 area, weakness under the intervening low (1.1042 – minor double top neckline trigger) should have prompted more downside pressure over the course of the European morning but there is little desire to push lower it seems. We remain bearish but expect relatively narrow ranges to persist ahead of the Fed”.