EUR/USD may struggle to extend gains above 1.1000 – Scotiabank

EUR/USD’s gains have slowed after peaking near 1.0980 last week. Economists at Scotiabank analyze the pair’s outlook.

Net losses today could tilt risks towards a little more weakness in the near term

With both the Fed and ECB appearing to be headed for a June ease, EUR gains may struggle to extend through to 1.1000 for now.

There is nothing obviously bearish about price action on the short-term chart but net losses today for the EUR could tilt risks towards a little more weakness in the near term. 

Support is 1.0900/1.0910. Resistance is 1.0970/1.0980.