EUR/USD: looking toppish - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Shaun Osborne Chief FX Strategist at Scotiabank noted that EUR/USD has spent the last seven days trading narrowing around the 1.14 area.

    Key Quotes:

    "The collection of narrow real bodies and long upper/lower shadows on the daily candle chart suggest a heightened level of indecision as investors are reluctant to pare EUR longs but are struggling for incentives to push the EUR higher to new highs."

    "This suggests a degree of fatigue in the rally though a move to new highs would perk the market up a little more obviously. We rather think the EUR looks toppish and intraday signals continue to flash EUR-negative amid heavy, but so far short-lived, sell-offs from above 1.14."
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