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EUR/USD bearish near-term – Scotiabank

FXStreet (Edinburgh) - According to Chief FX Strategist at Scotiabank Shaun Osborne, the outlook on the pair remains tilted to the bearish side for the time being.

Key Quotes

EURUSD remains pinned back to the low 1.10 area and really looks to have little chance of recovering significantly while interest rates are positioned to reflect expectations of 1) additional easing from the ECB by December and 2) the potential start of the Fed tightening cycle around the same time”.

“EURUSD’s late week rebound last week may not have much more traction; the market did better than we expected (month end flow may have influenced movement) but the EUR has struggled to hold on to gains through the mid/upper 1.10s”.

“The short-term patterns suggest weakness is setting in again and we look for more pressure intraday on 1.0995/00 support and below. Look to sell rallies”.

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