EUR/USD to retest 1.09 fairly quickly on a sustained push under 1.10 – Scotiabank

The EUR/USD pair is under strong selling pressure, falling below the 1.10 threshold. Below here, the way is clear for a significant slide to the 1.09 level, economists at Cotiabak report.

Key support at 1.0805 remains vulnerable

“Last Thursday’s rejection of the upper 1.11s (bearish outside range session) suggests a renewed bear phase for spot may be developing.”

“Gains since the early March low have held in a clear consolidation pattern (bear wedge), the base of which lies at 1.10 today; a sustained push under the figure should see spot retest 1.09 fairly quickly.”

“Key support at 1.0805 remains vulnerable.”