EUR/USD: Short-term patterns lean somewhat bearish – Scotiabank

EUR/USD edges higher but consolidation range trade persists, economists at Scotiabank report.

The broader corrective undertone is clear on the weekly chart

Flat range trading in spot is extending further after Friday’s intraday volatility.

Short-term patterns lean somewhat bearish, however, and the broader corrective (negative) undertone in the EUR is clear on the weekly chart after the turn lower in spot from the late December high.

EUR resistance is 1.0975/1.1000. Support is 1.0900/1.0910.