Euro Consolidation Phase Predicted by Scotiabank

The Euro to US Dollar exchange rate (EUR/USD) has stabilized after last week's sell-off, according to Scotiabank. The exchange rate stood near 1.1472 on Monday afternoon, down 0.12% from Friday's close.

Scotiabank notes that expectations for European Central Bank tightening have softened, which is weakening the Euro-Dollar's support. The bank retains a bearish/neutral technical assessment, with 'momentum showing a modest recovery from near-oversold levels.'

The recent price action leans toward consolidation, with clear support observed in the mid/upper-1.14s and limited near-term resistance ahead of the mid-1.15s.