EUR/USD: Little downside pressure for now – Scotiabank

EUR/USD trades narrowly around 0.99. For the moment, there is little real pressure on the downside, economists at Scotiabank note.

Safe technical ground remains distant at 1.0135

“Tuesday’s range was bearish for the EUR and the failure to pick up any, lasting support after reaching a new cycle low is a negative. But the market is just about holding within the Tuesday range so far today, suggesting little real pressure on the downside at the moment.”

“Safe technical ground (major resistance) remains distant for the EUR at 1.0135. Support is 0.9850 and 0.9750.”