EUR/USD: remains bearish below 1.1360 – Scotiabank

By FXStreet Analysts at Scotiabank noted that the data releases overnight highlighted weaker than expected industrial output for Germany, France and Italy in March while Germany reported a record trade and current account surplus.

Key Quotes:

“Economic reports had no bearing on the EUR but may heighten US focus on, and concern about, German competitiveness.

“EUR/USD short-term technicals: neutral/bearish—Our technical assessment of EUR/USD remains unchanged; longer-term signals remain EUR negative following last week’s reversal from the 1.16 area.

However, shorter-term signals are neutral, with spot holding steady support in the
upper 1.13 area and trend signals flat.

We think the technical set up favours a weaker EUR but there is little directional intent implied in price action.

A break under 1.1360/70 is needed to inject a little more downside momentum in the market.”
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Source:: FX Street