EUR/USD set to extend its slump to the 1.05 level – Scotiabank

EUR/USD has reached a new low since April 2017. Economists at Scotiabank note that the pair remains at risk of continued losses to 1.05.

Decline into oversold on the RSI may see a slow grind lower to 1.05

“EUR/USD shows limited signs that it will avoid a test of 1.05 soon.”

“~1.0620 stands as an intermediate resistance marker ahead of firmer at the mid-1.06s.”

“There are no major support markers until the 1.05 zone for the EUR but the decline into oversold on the RSI may see a slow grind lower to the figure.”