EUR/USD may see some of Thursday’s sharp losses recovered in the short run – Scotiabank

Market news

28 July 2023

EUR/USD may see some of Thursday’s sharp losses recovered in the short run – Scotiabank

EUR losses extended a little more before steadying and reversing from the mid-1.09 area. Economists at Scotiabank analyze EUR/USD outlook.

Some decent demand for EUR on dips to the mid-1.09s

Significant net losses on Thursday for the EUR after trading as high as 1.1150 on the day leave a big, bearish print on the daily candle chart and point to spot extending its run lower from the mid-month peak of 1.1275.

Intraday patterns are reflecting some decent demand for EUR on dips to the mid-1.09s, however, and may see some of Thursday’s sharp losses recovered in the short run.

Resistance is 1.1020. Support is 1.0900/10.

GBP/USD: Gains through 1.2850 should help develop stronger technical tone – Scotiabank

Current USD strength seen as temporary and corrective – Credit Suisse

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