EUR/USD edges above 1.07 amid oversold conditions. Economists at Scotiabank analyze the pair’s technical outlook.
The very short-term trend looks constructive and the EUR does look quite oversold (after nine consecutive weekly losses against the USD). But there is still quite a gap between current levels and points on the chart which would signal scope for more EUR strength.
A clear push through the 1.0765 point would be a bullish, short-term cue for the EUR at least.
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