• EUR/USD: Consolidation appears to be the order of the day – Scotiabank

Market news

18 August 2023

EUR/USD: Consolidation appears to be the order of the day – Scotiabank

EUR/USD steadies in the upper 1.08s. Economists at Scotiabank analyze the pair’s outlook.

Support is 1.0835, Resistance is 1.0920

Short-term trend momentum has flattened out completely as EUR/USD steadies in a 1.0850-1.0900 trading range (roughly). 

Consolidation appears to be the order of the day for the pair, with the intraday range holding inside Thursday’s range parameters. 

Support is 1.0835, the June low. Resistance is 1.0920.

See: 

  • EUR/USD may keep trading in narrow ranges for now – ING

  • EUR/USD to see a boring sideways trade – Commerzbank

 

GBP/USD: Gains through the low 1.28s should drive further another leg higher – Scotiabank
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