EUR/USD: Gains through 1.0875 needed to reflect more sustained technical strength – Scotiabank

Market news

25 August 2023

EUR/USD: Gains through 1.0875 needed to reflect more sustained technical strength – Scotiabank

EUR/USD slid under 1.08 in thin, early Asian trade but has clambered back a little. Economists at Scotiabank analyze the pair’s outlook.

EUR/USD could stabilize or improve in the short run above 1.08

EUR losses through 1.08 and the 200-DMA (1.0804) are clear EUR negatives on the face of it and the underlying bear trend in spot looks well-entrenched on the charts.

With stops cleared out below 1.08 and the EUR looking oversold, price action could stabilize or improve in the short run above 1.08.

Gains through 1.0875 are needed to reflect more sustained technical strength.

Support is 1.0765.

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