In view of Eric Theoret, FX Strategist at Scotiabank, the pair’s outlook remains neutral to bullish in the near term.
Key Quotes
“Momentum indicators are shifting however the RSI has yet to provide confirmation with a break above 50”.
“Trend signals are also proving slow to turn and the DMI’s have yet to confirm the shift in the balance of risk”.
“Near-term congestion appears to be centered around the 21 day MA (1.3257). We look to near term support at 1.3200 and look to potential gains toward the 200 day MA at 1.3362)”.
(Market News Provided by FXstreet)