EUR/USD to retest the 1.04-1.0350 support zone – Scotiabank

The EUR/USD slide is set to continue. Economists at Scotiabank expect the pair to retest the 1.04-1.0350 support zone.

Intraday trends look soft

“The EUR has failed to break through the low 1.06 area three times since mid-month, leaving markets little technical choice but to retest the 1.04-1.0350 support zone for the EUR.” 

“Intraday trends look soft, with the EUR unable to reverse any of Wednesday’s losses.”

“We spot resistance at 1.0450 and 75.”

“Support is 1.0400 and 1.0350/60.”