EUR/USD to target 1.11/10 while below the 1.13 level – Scotiabank
|The EUR/USD pair corrects oversold conditions after its decline past 1.12. Nonetheless, the undertone remains bearish, in the view of economists at Scotiabank.
Break above 1.13 needed to alleviate downside pressure
“The overall trend in the EUR remains clearly bearish and it would take a cross of 1.13 to at least suggest that the EUR/USD will not continue its drop to 1.10/11.”
“After the 1.12 zone, yesterday’s low of 1.1186 is support followed by 1.1165/70 (summer 2020 lows).”
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.