EUR/USD falling in sympathy of GBP/USD – Scotiabank

By FXStreet Analysts at Scotiabank noted that the EUR has been pulled broadly lower on wider spreads and better risk sentiment – but explained it is mainly in sympathy with the falling GBP.

Key Quotes:

“EUR/USD short-term technicals: bearish—Spot has seen heavy net selling so far today, with the market pressuring key support on the longertem chart at congestion and pivot point from late 2015.”

“The charts suggest more downside pressure near-term towards the low 1.09 area – key support on the daily chart. Note that longer-term price signals turned a little more negative for the EUR again after the soft close to the week last Friday.”
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Source:: FX Street