EUR/USD to head firmly higher on a clear break above 1.1600/15 – Scotiabank

EUR/USD is unchanged after test of 1.16. In the opinion of economists at Scotiabank, the pair needs to surpass the 1.1600/15 region to alleavite downside pressure.

1.1575/85 zone provides support 

“Downside action was limited to the 1.1575/85 area that will act as support followed by the 1.1550 zone.”

“Going forward, EUR/USD will have to firmly break past the figure (1.1600/15) and the mid-1.16s to negate the firm downtrend that has held it since mid-year (and remains geared towards a break under 1.15).”