EUR/USD: Support to firm up in the low 1.07s – Scotiabank
|EUR losses have extended, with the EUR/USD pair dropping under the 1.08 area. Shaun Osborne, Chief FX Strategist at Scotiabank expect the low 1.07s to offer a solid floor.
Resistance aligns at 1.0825/30
“EUR losses have taken back about half of the past week’s rally and extended a bit more than I expected yesterday when noting the bearish short-term developments on the charts.”
“Look for support to firm up in the low 1.07s (55-day MA at 1.0733, 50% Fib of the EUR rally from the Mar 15th low is 1.0725).”
“Intraday resistance is 1.0825/30.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.