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