EUR/USD: 1.05 to eventually give way and open up the 2017 low at 1.0341 – Scotiabank

EUR/USD is back to the mid-1.05s. Still, economists at Scotiabank expect the pair to finally see a break below 1.05 to open up the 2017 low of 1.0341.

The intraday high of 1.0585 is resistance

“Multiple breaks of 1.05 point to the area (with the high 1.04s) eventually giving way and opening EUR losses to the 2017 low of 1.0341. However, tests of the figure zone have been followed by relatively solid buying that then sees the EUR cap out at the next figure or in the high 1.05s.”

“The intraday high of 1.0585 is resistance followed by 1.0595/00 and 1.0640.”

“At 1.0536, the intraday low stands as support and then 1.0520 and the 1.05 area.”