EUR/USD headed to 1.1100 level? - Scotiabank

Analysts at Scotiabank eplained that the short-term price action for EUR/USD looks modestly constructive for the EUR.

Key Quotes:

"The recovery from the intraday low has broken short-term-trend resistance and has firmed modestly.

But we spot short-term resistance near by at 1.1280 and the market traded poorly last week overall, leaving the longer-term price signals looking soft (bearish outside range session Thursday, break of the 50-day MA Friday).

We think EURUSD is still at risk of easing back to the 1.11 area at least in the next few weeks."