EUR/USD to slump towards 1.08 on a weekly close under 1.10 – Scotiabank

The EUR’s negative trend since the late-week break past 1.11 is continuing today. Economists at Scotiabank expect EUR/USD to slide towards 1.08 on a weekly close below the 1.10 level.

Tuesday and Wednesday lows of ~1.0960/5 stand as key support

“The Tuesday and Wednesday lows of ~1.0960/5 stand as key support ahead of the 1.0950 mark and ~1.0926.”

“Resistance after 1.1000/10 is ~1.1025 and the mid-figure area.”

“A close below 1.10 for the week would signal that EUR losses back to 1.08 is set to resume.”