EUR/USD neutral bearish, supported at 1.2045/1.2145 - Scotiabank

FX Strategists at Scotiabank sees the pair within a neutral/bearish stance, noting that support is expected to arise in the 1.2045/1.2145 band in the short term.

Key Quotes

“EURUSD remains soft, near yesterday’s low and towards the lower reaches of the wider trading band in place since the start of the year. There were no major European data releases this morning. The EUR is soft but marking time ahead of tomorrow’s ECB policy meeting (no change expected)”.

“Spot is holding yesterday’s range low just below 1.22—just. Pressure on support in the mid 1.22 area this week leaves the broader picture looking a little less secure than we had anticipated but, given the extensive ranging work done by the market earlier in the year, a conclusive bearish break out remains absent, in our opinion (we see broader support down to 1.2045/1.2145 at the moment). Intraday support is 1.2185”.