EUR holds in tight range as support in low/mid 1.15s holds – Scotiabank

EUR/USD is little changed on the session. The main Eurozone data reports earlier were in line with forecasts, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

EUR’s technical undertone is soft

"German Retail Sales rose 0.2% in September. The preliminary Eurozone CPI printed at 0.2% this month, for a 2.1% gain in the year. ECB President Lagarde’s remark that policy was in a good place at yesterday’s post-meeting press conference suggests the bar to further easing is relatively high at this point."

"Spot is consolidating in the upper 1.15s. The EUR’s technical undertone is soft but spot has found steady support on dips to the low/ mid 1.15s in October and it may take a clear push under 1.1525 to signal more downside risk in the EUR (to 1.1400/50 potentially) in the short run. Intraday resistance is 1.1575 and 1.1635."