FX Strategists at Scotiabank noted the pair could attempt a rebound to the area beyond the 1.2000 handle.
Key Quotes
“EURUSD has found a bit of a bid in the past few hours after reaching the low 1.18 area in early European dealing”.
“The market has seen a sustained – and largely correction-free – run lower since the mid-April peak above 1.24 and the sell-off is looking a bit stretched now”.
“Intraday price action suggests a bullish outside range formation on the 6- hour chart. We expect gains through short-term trend resistance at 1.1895/00 will trigger more, corrective gains in the short-term towards the 1.2000/50 range”.
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