EUR/USD to find support on dips to the 1.0525/1.0535 zone – Scotiabank

EUR/USD trades below the 1.06 level. Economists at Scotiabank analyze the pair’s outlook.

Continuation of choppy range trade

The EUR looks soft and losses from the early week high have been swift and relatively sharp. But spot prices have slipped back to the lower end of the rising trading channel in place since the start of the month and flat trend momentum signals on the intraday and daily oscillators rather suggest a continuation of choppy range trade. That should mean support for the EUR on dips to the 1.0525/1.0535 zone. 

Resistance is 1.0605/1.0610.