EUR/USD dropped back to the upper 1.07s in early Asian trade before crawling back to the low 1.08s, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR edges higher
“Comments from ECB Governor Wunsch, adding to the raft of voices who have spoken out against upping the pace of rates cuts recently, helped nudge the EUR higher. Moody’s put French debt on negative outlook Friday.”
“OATs are, however, outperforming marginally in the day, with the outlook revision no great surprise and markets perhaps relieved that – for now, at least – a rating cut was avoided.”
“Spot is consolidating in a developing range around 1.08. The pattern of trade so far suggests a minor pause in the EUR’s decline before losses resume (potential bear flag pattern). The EUR remains heavily oversold on the intraday and daily oscillator studies which does raise the risk of a short squeeze at some point, however. Support is 1.0780. Resistance is 1.0870.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Trading Pro
Account
7.2
8.2
7.2
Tools
5.2
Service
6.6
Trading
8.0
Trust
5.0
Experience
7.0
Recommended content
Recommended content
Editors’ Picks
EUR/USD breaks below 1.1000, looks at Powell
The US Dollar's rebound now picks up further pace and sends EUR/USD back to the sub-1.1000 region, or daily lows, ahead of the speech by Fed's Chair Jerome Powell on the "Economic Outlook".
GBP/USD drops to two-day lows near 1.2950
GBP/USD continues to give away part of the weekly strong advance and revisits the mid-1.2900s on the back of further recovery in the Greenback prior to Chair Powell's speech.
Gold corrects lower, retargets $3,000 ahead of Powell
Prices of Gold extend their daily pullback and trade closer to the critical $3,000 mark per troy ounce amid a firmer US Dollar while investors wait for the speech by the Fed's Powell.
Can Maker break $1,450 hurdle as whales launch buying spree?
Maker holds steadily above $1,250 support as a whale scoops $1.21 million worth of MKR. Addresses with a 100k to 1 million MKR balance now account for 24.27% of Maker’s total supply. Maker battles a bear flag pattern as bulls gather for an epic weekend move.
Strategic implications of “Liberation Day”
Liberation Day in the United States came with extremely protectionist and inward-looking tariff policy aimed at just about all U.S. trading partners. In this report, we outline some of the more strategic implications of Liberation Day and developments we will be paying close attention to going forward.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.