EUR/USD: fading rallies until 1.0830 / 1.0730 support levels - Scotiabank

Analysts at Scotiabank explained that EUR/USD short-term technicals are neutral/bearish.

Key Quotes:

"EUR/USD remains stuck in a tight, technical consolidation range. The sharp advance higher seen last week remains intact and the low end of the past week’s range has respected the upper end of the gap left open by the previous weekend’s jump at 1.0830 (200-day MA also at 1.0835). 

But the EUR’s inability to advance beyond the mid 1.09 area leaves the market vulnerable to a correction lower, we think. We do expect firm support on dips to the 1.0730/1.0830 range, however."