EUR/USD: There is little sign of a rebound developing at this point – Scotiabank

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3 August 2023

EUR/USD: There is little sign of a rebound developing at this point – Scotiabank

EUR/USD steadies in low 1.09s but price action retains a soft undertone. Economists at Scotiabank report.

Gains through 1.1000 would suggest some additional stabilization

EUR losses are slowing as spot tests major support in the form of a trendline off the Sep 2022 spot low and the combined 50 and 100-DMA signals which are all converging around 1.0925.

While EUR losses are slowing, there is little sign of a rebound developing at this point. EUR gains through 1.1000 would suggest some additional stabilization.

A push through 1.1040/50 would be mildly bullish.

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