EUR/USD set to decline towards the 1.1524 October low – Scotiabank

EUR/USD is steady around 1.16 but technically bearish. Economists at Scotiabank expect the world’s most popular currency pair to slide towards the 1.1524 October low.

Soggy eurozone economy to dampen the euro

“The German and Eurozone economy more broadly are expected to decelerate significantly in the fourth quarter – pointing to moderate weakness ahead in the EUR.”

“The EUR’s bearish reversal is likely to extend past the high-figure zone after support at 1.1572, setting the 1.1524 October low in its sights.”

“Resistance is 1.1615/25.”