As the world’s top investment manager, I am here to provide you with the latest insights on the EUR/USD market. Despite a recent slide in spot prices, the EUR/USD pair is showing resilience and maintaining a strong undertone, according to Scotiabank’s Chief FX Strategist Shaun Osborne.
Bulls Eyeing 1.1050 in the Near Term
Osborne highlights that supportive real and nominal spreads, along with the expectation of more aggressive rate cuts from the Fed compared to the ECB, are bolstering the EUR. The current market sentiment suggests a potential increase of 65 basis points in ECB easing by December.
Even though there was a slight pullback from the recent peak near 1.1050, the overall trend remains bullish for the EUR. Both intraday and daily charts indicate a sustained upward trend since early August and June, respectively. The short, medium, and long-term trend oscillators all point towards a positive outlook for the EUR.
Key levels to watch for are support at 1.0950/60 intraday and resistance at 1.1050.
Analysis:
For those looking to invest in the EUR/USD market, now may be a good time to consider bullish positions. With ongoing support from spreads and rate cut expectations, the EUR is expected to remain strong in the near future. Keep an eye on key levels for potential entry and exit points, and consult with your financial advisor for personalized investment advice.