EUR/USD faces key resistance at 1.2450 – Scotiabank

FX Strategists at Scotiabank remain neutral bullish on the pair, seen a tough hurdle in the mid-1.2400s.

Key Quotes

“EURUSD found support near the 1.23 level yesterday and has nudged a little higher overnight to effectively retest the 40-day MA (1.2338). Near-term price trends are flat but the EUR looks in modestly better shape this morning”.

“We look for range trading to continue for now but we reiterate that broader price trends are positive still, with price action consolidating in a tightening, sideways range (wedge) on the weekly chart; these formations typically get resolved in bullish fashion. Key resistance remains 1.2450”.