EUR/USD trades little changed in a tight range. Economists at Scotiabank analyze the pair’s outlook.
Technical undertone is weak
EUR/USD is consolidating but there is little positive to say about short-term trends on the face of it.
The pair remains below 1.07 and the market is forming a bear wedge on the intraday chart which points to further losses ahead.
A break under 1.0650 may see further softness in price action develop.
Resistance is 1.07.
See – EUR/USD: Outside risk to the 1.04/1.05 area on a break below 1.0610/1.0630 support – ING
