EUR/USD starts Q4 on the defensive. Economists at Scotiabank analyze the pair's outlook. Support 1.0490/1.0500, Resistance 1.0600/1.0610 Developing EU
Developing EUR gains through the latter part of last week stalled Friday and the soft close on the week effectively drew a line under the minor EUR recovery.
The trend remains the market’s friend for now and weak trend momentum – while signaling the EUR is potentially oversold here – remains a dead weight on the EUR’s attempts to recover. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD came under renewed bearish pressure and declined below 1.0550 during the European trading hours on Monday. The pair is weighed by a buoyant US Dollar amid higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell's speech eyed.GBP/USD turned south and retreated to the 1.2150 area after spending the Asian session in a tight range near 1.2200.
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