EUR/USD: Vulnerable to a test of 1.08 – Scotiabank

EUR/USD remains under pressure as spot struggles to hold on to the upper 1.09s. Economists at Scotiabank expect the world's most popular currency pair to suffer further losses toward the 1.08 area.

Resistance seen at 1.0990/00 followed by the mid-1.10s

“The currency found a bottom around 1.0960 ahead of firmer support at 1.0950 – that is followed by ~1.1925 and the figure zone.” 

“The EUR’s push under 1.10 leaves it at risk of losses extending to a test of the 1.08 figure zone.” 

“Resistance is 1.0990/00 followed by the mid-1.10s.”