EUR/USD: Short-term chart signals turn bearish – Scotiabank

Market news

8 February 2024

EUR/USD: Short-term chart signals turn bearish – Scotiabank

EUR/USD drifts back from the upper 1.0700s. Economists at Scotiabank analyze the pair’s outlook.

Support is 1.0720/1.0725

Grinding gains in the EUR/USD pair from the low 1.0700s appear to have stalled via a likely bearish ‘evening star’ signal on the intraday (6-hour) chart.

Trend momentum is flat and losses may be slow in developing from here but the EUR’s stall around 1.0790 coincides with a test of the 100-Day Moving Average (1.0787) which has effectively served as resistance this week.

Support is at 1.0720/1.0725.

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