EUR/USD: Soft and prone to renewed 1.05 test – Scotiabank

FXStreet Insights Team FXStreet

EUR/USD starts Q4 on the defensive. Economists at Scotiabank analyze the pair's outlook.

Support 1.0490/1.0500, Resistance 1.0600/1.0610

Developing EUR gains through the latter part of last week stalled Friday and the soft close on the week effectively drew a line under the minor EUR recovery.

The trend remains the market’s friend for now and weak trend momentum – while signaling the EUR is potentially oversold here – remains a dead weight on the EUR’s attempts to recover.

Support is 1.0490/1.0500.

Resistance is 1.0600/1.0610.

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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