EUR/USD remains vulnerable to pressure on supports at 1.0520 and 1.0490 – Scotiabank

EUR/USD losses have steadied in the low/mid 1.05s. Economists at Scotiabank analyze the pair’s outlook.

Scope for gains looks limited

The EUR appears heavily oversold on the intraday oscillators, which may account for the minor improvement off the daily low, but scope for gains looks limited in the short run. 

The EUR remains vulnerable to pressure on supports at 1.0490 and 1.0520. 

Resistance is 1.0595.

See – ECB Preview: Unlikely to be much direct support for the EUR from the policy decision itself – Scotiabank