EUR/USD needs to regain the upper 1.0800 area to enjoy further gains – Scotiabank
Source Fxstreet
EUR/USD remains in the mid 1.0800-1.0900 range. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.
Flat trading in the short run
Intraday price moves leave the EUR/USD pair trading more or less mid-way between support at 1.0800 and resistance at 1.0890.
Trend momentum is weak and suggests flat trading in the short run.
Longer-term price action looks a little more supportive to my eye but spot needs to regain – and hold – the upper 1.0800 area if spot gains are to develop further.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The EUR/USD pair trades in negative territory around 1.1615 during the early Asian session on Monday. The Euro (EUR) extends the decline as the prolonged US-Iran conflict weighs on the riskier assets.
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