EUR/USD: Minor corrective drop to mid-1.08s is possible – Scotiabank

Market news

19 June 2023

EUR/USD: Minor corrective drop to mid-1.08s is possible – Scotiabank

EUR/USD drifts from mid/upper-1.09s. Economists at Scotiabank analyze the pair’s technical outlook.

Near term risks are tilting towards some retrenchment in EUR gains in the short run.

A minor top/reversal signal on the intraday chart was struck late last week and the EUR’s drift from the mid-1.09 area suggests near term risks are tilting towards some retrenchment in EUR gains in the short run.

The broader trend higher remains constructive, however, and I think scope for EUR losses is limited to the 1.0840/50 area (40-Day Moving Average 1.0855) currently.

Currencies. Daily history for Monday, June 19, 2023

Commodities. Daily history for Friday, June 16, 2023

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