EUR/USD faces firm support in the upper-1.2200s – Scotiabank

FX Strategists at Scotiabank remain neutral/bearish on the pair, while adding that strong support aligns in the upper-1.2200s.

Key Quotes

“Spot gained steadily through the overnight session but the market appears to have topped out in the past hour or so around noted short term resistance at 1.2345. Hourly charts suggest a peak/reversal is forming around the high points seen on a couple of occasions last week”.

“Broadly, EURUSD appears to be extending its consolidation after the late 2017 run up from the mid 1.15s. We look for more, neutral ranging in the near-term and see firm support in the mid/upper 1.22s; Key support at 1.2200/05. Major resistance is 1.2550/60”.