FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the EUR/USD short‐term technical are bearish.
"After falling to fresh ytd lows early in the Asian session, EUR has strengthened, moving into the NA session up 0.10. Stronger than expected manufacturing and services PMI, which rose to 51.9 and 54.4 for the Eurozone are encouraging, suggesting the manufacturing economy is firming."
"Studies are all in sell territory and the RSI at just 34, leaves room before reaching oversold levels. We favour near and medium-term short EUR positions”.