EUR/USD may see further softness on a break under 1.0650 – Scotiabank

EUR/USD trades little changed in a tight range. Economists at Scotiabank analyze the pair’s outlook.

Technical undertone is weak
EUR/USD is consolidating but there is little positive to say about short-term trends on the face of it.

The pair remains below 1.07 and the market is carving out a bear wedge on the intraday chart which points to more losses ahead.

A break under 1.0650 may see further softness in price action develop.

Resistance is 1.07.