Scotiabank: EURUSD short-term technicals

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Neutral —The EUR is consolidating. A minor peak may have formed at 1.0947 yesterday but the underlying trend higher in the EUR remains strong and scope for EUR losses may be limited, given the recent pattern of trade where strong advances have been followed by brief consolidations before gains resume. Look for support on EUR dips to the mid/upper 1.08s. Intraday support is 1.0840/45.

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