close
close
migores1

Set to test resistance at 1.0950 – Scotiabank

The ZEW survey of German investor expectations fell to 19.2 in August, weaker than expected and down significantly from July’s reading of 41.8, notes Shaun Osborne, chief foreign exchange strategist at Scotiabank.

Bulls are struggling to break above 1.0950

“The survey was conducted based on recent market volatility, so a weak number is not too surprising. EUR/USD was lower ahead of the data and hit an intraday low of 1.09 seconds around the ZEW release before settling. The Euro (EUR) remains well-supported on the downside and is likely to trade more range-bound for now.”

“Spot holds a trading range tied to support at 1.0875 and resistance at 1.0950. Trend momentum is neutral on the intraday chart, but EUR retains a positive underline on longer-term studies, keeping directional risks tilted towards renewed gains – eventually.”

Related Articles

Back to top button