EUR/USD to break below 1.08 towards the 2020 low of 1.0636 – Scotiabank

EUR/USD slumps to 1.08. Economists at Scotiabank expect the wolrd’s most popular currency pair to challenge the 2020 low of 1.0636.

Price action points to a break of support at 1.08

“The EUR’s sharp decline over the past week has placed its 2020 low of 1.0636 in its sights, with limited signs of a meaningful correction from sharply oversold levels on the RSI (most oversold since Feb 2020, currently).”
“Price action points to a break of support at 1.08 that is followed by 1.0700/25 before the mid 1.06s to then target 1.05.”

“Resistance is 1.09 followed by the mid-figure area and then 1.10.”