EUR/USD: the euro's decline lacks conviction at this point in time (Scotiabank)

Scotiabank notes that EUR/USD sellers lack conviction at the moment.

"The EUR/USD retains solid support in the lower portion of the 1.16 area despite last week's break under the technical support level at 1.1675.

This threshold remains the key pivot threshold for the EUR/USD. A neckline test after its breakout is not unusual in these circumstances, but the lack of immediate bearish pressures on the EUR/USD suggests weak conviction by sellers at the moment.

Watch for support at 1.1615 and resistance at 1.1675."