Chief FX Strategist at Scotiabank Shaun Osborne noted the neutral/bearish perspective of the pair in the shorter run.

Key Quotes

“EURUSD remains in consolidation mode on the charts but the undertone remains broadly bearish following the late June drop from the 1.14 area”.

“The recent consolidation looks to be under increasing pressure on the charts as bear trend oscillators are picking up across a range of time frames”.

“The choppy nature of trade recently makes it hard to pick out a single key point of support but we rather think a daily close under 1.1045 will tip the technical balance of risks to the downside a bit more obviously”.