#EURUSD @ 1.05543 : Losses to extend to the mid-1.04 area before a more sustainable base can develop – Scotiabank
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EUR/USD edges higher after reaching minor new cycle low. Short-term trading patterns are tilting bullish but a fall to the mid-1.04s is on the cards.
“Core Eurozone 2Y yields are trading above 3% for the first time since 2008. Firm yields may provide some underpinning for the EUR in the medium term (and limit near-term losses against the USD).”
“The six-hour chart shows the EUR carving out a bullish outside range session after its early dip to 1.0533. This may see spot regain 1.06-plus in the short run but we still rather think that broader trends point to EUR/USD losses extending to the mid-1.04 area before a more sustainable base can develop.”
“Resistance is 1.0575/1.0625.”
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