EUR/USD: Dip below 1.11 to clear the way for substantial losses to 1.10 – Scotiabank
|In the view of economists at Scotiabank, the EUR/USD pair will remain on a path toward 1.10 as price action points to continued losses to a test of 1.11.
Resistance is located at 1.1150/55
“Support at the intraday low of 1.1120/25 will stand ahead of the figure zone, after which point there are no obvious markers to prevent a decline to 1.10.”
“The week’s losses have left the EUR just shy of oversold on the RSI which may help to ease the currency’s slide and see it settle into a 1.1150/200 consolidation band.”
“Resistance is 1.1150/55 followed by the 1.12 area.”
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