EUR/USD: Looks well-supported on dips – Scotiabank

The Euro (EUR) is flat on the day and down only modestly on the week as it holds a neutral range trade around 1.0850, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

Short term range trading between 1.07/1.09

“There are no major data reports to note from the Eurozone and no comments from central bankers. Markets have largely shrugged at news of a significant and highly coordinated attack on the French rail network as the Paris Olympics get underway. More, broad range trading looks likely in the short run between 1.07/1.09.”

“Range trading around 1.0850 has evolved largely as expected over the past 24 hours. The EUR looks well-supported on dips and has a quietly bid look to short-term price action, with the chart suggesting steady accumulation of EUR on minor dips in the past few days. Above 1.0875 should be positive. Support is 1.0825.”