EUR/USD: Short-term price action is looking somewhat soft again – Scotiabank

EUR/USD steadies but struggles to hold gains above 1.0900. Economists at Scotiabank analyze the pair’s outlook.

Support is 1.0845

The EUR squeezed a little higher from the intraday low on Wednesday, forming a minor bull ‘hammer’ pattern off the 200-DMA (1.0847 today). This too warrants attention. 

EUR gains today have, however, failed to hold the intraday highs and very short-term price action is looking somewhat soft again on the session, suggesting the EUR is struggling to regain a 1.09 handle. 

Resistance is 1.0920/1.0925. Support is 1.0845.