EUR/USD (Scotiabank) : the decline of The Euro lacks conviction at this point

Scotiabank note that the sellers of EUR/USD lacking conviction at the moment.I

«EUR/USD remains well supported in the lower part of 1.16, despite the break of the last week under the technical support of 1.1675.

This threshold remains the threshold pivot key for EUR/USD. A test of the neck line after his break is not unusual in these circumstances, but the lack of downward pressure from the immediate EUR/USD suggests a weak belief of the sellers for the moment.

Watch out for the support of 1.1615 and the resistance 1.1675. «

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