EUR/USD is tracking a slightly firmer profile after basing in the low 1.10 zone on Tuesday. Economists at Scotiabank analyze the pair’s outlook.

Support aligns at 1.1025

The EUR’s late July slide extended a little below the 50% retracement of spot’s early month rise from the 1.08 area on Tuesday but spot has steadied and intraday gains so far are stretching through bear trend channel resistance at 1.1070 that has guided the market lower since the EUR peaked around 1.1275. 

Gains are tentative so far but should extend more obviously on a push above 1.11 and, especially, 1.1145/50. 

Support is 1.1025.

 

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