FXStreet (Edinburgh) - According to Eric Theoret, Currency Strategist at Scotiabank, the outlook on the pair remains negative.
Key Quotes
“President Draghi’s Thursday evening award acceptance speech provided little in terms of specific policy risk, however we note his acknowledgement of the importance of monetary policy in providing an ‘impulse’ to growth in the euro area. We expect EUR to weaken into year-end and throughout 2016”.
“Bearish momentum indicators hint to acceleration with continued congestion around the 200 day MA (1.1168)”.
“We look to a break below the 100 day MA (1.1141) with a focus on 1.1100 and the pre-panic, mid-August low 1.1017. Near term resistance is expected above 1.1200”.
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