Euro: Consolidation below resistance against US Dollar – Scotiabank
Scotiabank’s analysts observe that the Euro is consolidating around the 1.15 area against the Dollar, with limited Eurozone data to drive price action.
Scotiabank analysts report that the Euro is currently consolidating around the 1.15 level against the US Dollar, with little Eurozone data to influence price movements. The sharp move upward last week has stalled at a bear-trend line, indicating that a break above 1.1565 is required to continue the rally. Conversely, support is observed in the 1.1460/1.1480 range.
The EUR remains unchanged for the session with no major Eurozone reports. Global investors are reducing exposure to US Treasury debt, resulting in some net inflows into Eurozone bonds. Neutral market sentiment prevails, with technical indicators leaning bullish for the EUR following a strong rise last week, but a break above 1.1565 resistance is necessary for further gains.
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