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EUR further weakness to materialise - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explains "Technically, EUR/USD studies are warning of a period of rest before there is enough momentum to push EUR to a fresh low.

Key Quotes:

“However now that the bearish fundamental outlook has aligned with a bearish flow story; we’d expect further weakness to materialize into year‐end. We hold a Q314 target of 1.34 and a year‐end forecast of 1.30."

"EUR/USD short‐term technicals: mixed—the MACD is flirting with a short‐term buy signal (see chart) and the failure of spot to drop to a fresh low in either Thursday’s or Friday’s trading session warns of a lack of near‐term downside momentum. An increasingly mixed technical environment warns of a period of rest before longer‐term downside pressure emerges. Accordingly, for near‐term traders we are cautious."

EUR/USD pausing ahead of a continuation

EUR/USD is trading at 1.3384, down -0.18% on the day, having posted a daily high at 1.3413 and low at 1.3380.
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Shaun Osbourne, Chief FX Strategist at TD Securities explained that there were no redeeming features in the Canadian labour market report released on Friday.
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