EUR/USD targets 1.0775/1.0825 short term – Scotiabank

FX Strategists at Scotiabank see spot targeting the 1.0775/1.0825 band in the near term.

Key Quotes

“Sideways range trading remains the order of the day for spot as the market holds above 1.0850”.

“That does not detract from the fact that the broader turn lower in the market since Monday—after starting from a higher point in early Asian trading at the start of the week—will form a bearish engulfing signal on the weekly chart, implying that the EUR rally from the 1.06+ level is poised to reverse”.

“An open gap on the chart between 1.0775/1.0825 remains the first downside target”.