EUR/USD points to further downside – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, believes the pair could grind lower and re-test the mid-1.1000s in the near-term.

Key Quotes

“Intraday pressure on EURUSD has eased modestly over the past 1-2 hours of European trading but the short-term picture still looks rather soft for the EUR”. 

“Minor, new cycle lows below the early May trough suggest near-term risks remain tilted lower. Longer-term price signals remain bearish as well”.

“We look for EURUSD to test major, weekly support at 1.1050 shortly, possibly later this week. We see resistance at 1.1225/55. Look to fade short-term EURUSD gains”.