EUR/USD: Risks tilted more towards a push to the 1.05/1.06 range than a break back above 1.08 – Scotiabank

EUR’s mini rebound runs out of steam. The EUR/USD pair remains prone to more losses, economists at Scotiabank report.

Losses should accelerate below 1.0650

“Near-term risks still appear to be tilted more towards a push to the 1.05/1.06 range than a break back above 1.08.”

“Intraday signals suggest a minor peak/reversal formed around the daily high in the low 1.07s and broader technical patterns remain bearish.”

“Minor EUR gains remain a technical sell; losses should accelerate below 1.0650.” 

See: EUR/USD to trade well within the confines of a 1.0650-1.0750 range – ING