In opinion of FX Strategists at Scotiabank, the pair should meet some support in the boundaries of 1.1600 the figure.
“The EUR has weakened overnight but broader ranges prevail and, in that context, additional losses—potentially towards the lower end of the recent trading range in the low/mid 1.15s—are not to be excluded”.
“After stalling above 1.1750 at the start of the week, spot looks poised remain soft and possibly test the 1.16 area into the weekend. We think there should be support for the EUR ahead of the figure area but weakness below last week’s 1.1593 low on the day will serve to reaffirm the risk of additional losses back towards the low 1.15s. We see resistance at 1.1650/80 intraday”.
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