EUR/USD (Scotiabank) : The bank remains cautious on the current upward trend of the Euro

Scotiabank note a risk of slowing the rise of EUR/USD on the Forex.

“EUR/USD remains flat from Friday’s close with a remarkable lack of response to the publication of the right CPI of the euro area.

The rate spreads remain stable and the risks related to the publications will remain high this while we expect the GDP in the Q2 of the euro area tomorrow, as well as the PMI.

The positioning uptrend remains high, with the purchase levels close to historic highs.

In terms of technical analysis, the bullish trend and momentum indicators suggest a shortness of breath, and a resistance has been found above the 1.1750. The support is expected towards the bottom of the range weekly to 1.1620. “

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