EUR/USD: looking toppish - Scotiabank

Shaun Osborne Chief FX Strategist at Scotiabank noted that EUR/USD has spent the last seven days trading narrowing around the 1.14 area. 

Key Quotes:

"The collection of narrow real bodies and long upper/lower shadows on the daily candle chart suggest a heightened level of indecision as investors are reluctant to pare EUR longs but are struggling for incentives to push the EUR higher to new highs."

"This suggests a degree of fatigue in the rally though a move to new highs would perk the market up a little more obviously. We rather think the EUR looks toppish and intraday signals continue to flash EUR-negative amid heavy, but so far short-lived, sell-offs from above 1.14."