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- EUR/USD to drop back back toward key support at 1.0675/00 on a sustained push under mid-1.08 area – Scotiabank
EUR/USD to drop back back toward key support at 1.0675/00 on a sustained push under mid-1.08 area – Scotiabank
A second week of net losses for EUR/USD has pushed the pair back to retest the 40-Day Moving Average point at 1.0844 today. Economists at Scotiabank analyze the pair’s technical outlook.
Resistance seen at 1.0875/85
Short-term trend signals are EUR bearish but the daily DMI is flat and the weekly signal remains bullish. This is not obviously the set-up for a sustained EUR decline now. But a sustained push under the mid-108 area would point to weakness extending and a drop back towards key support at 1.0675/00.
Resistance is 1.0875/85 on the day.
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