FXStreet (Edinburgh) – Eric Theoret, Currency Strategist at Scotiabank, argued that further upside in the pair remains unlikely.
Key Quotes
“Fed officials continue to talk as if “lift off” is really just around the corner and additional ECB policy easing, if it comes, would likely only happen later this year”.
“We see little opportunity for the EURUSD bounce to extend and continue to advocate short positions in the single currency”.
“EURUSD’s short squeeze above 1.1155 has taken immediate pressure off the EUR but there is firm resistance in the high 1.11s and we look for intraday gains to slow at or around the 1.1170/80 area”.
(Market News Provided by FXstreet)