The Euro (EUR) is little changed on the session and is consolidating above key short-term support at 1.0875, Scotiabank’s FX analyst Shaun Osborne notes.

A break below 1.0875to lead EUR to 1.0750

“The EUR is little changed on the session. ECB policymakers continue to suggest that the ECB is in no rush to cut rates—Makhlouf said as much earlier today while Kazimir, a hawk, commented that while bets for two rate cuts were not fully misplaced, they weren’t a baseline expectation for the bank either.”

“Spot is consolidating above key short-term support at 1.0875—a potential Head & Shoulders trigger on the intraday chart. A break below this point would suggest more EUR weakness towards 1.0750 over the next week or so. Intraday resistance is 1.0910/20 ahead of 1.0950.”