- EUR/USD looks for a test of 50-DMA at 1.1307 but a sustained advance is unlikely – Scotiabank
Market news
1 February 2022
EUR/USD looks for a test of 50-DMA at 1.1307 but a sustained advance is unlikely – Scotiabank
EUR/USD keeps advancing on Tuesday. The pair could keep advancing in the near-term, but the longer-term perspective favors the downside, in the view of economists at Scotiabank.
EUR/USD set to remain in a 1.12-1.14 range
“The EUR’s recovery from the low 1.11s on Friday now seems on track to test its 50-day MA of 1.1307 that stands as resistance alongside the figure zone; 1.1335/50 follows.”
“The relatively quick recovery of the 1.12 handle for the EUR over the past two sessions averts, for now, a move to 1.10 but the broader technical picture remains negative.
“EUR/USD looks set to remain in a 1.12-1.14 range.”
“Support is 1.1250 and 1.1225 ahead of the figure.”
Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimerOpen Demo Account & Personal Page