EUR/USD: Losses could extend to the 1.05/1.06 range on failure to hold 1.0670/80 – Scotiabank

EUR/USD has drifted back to the 1.07 area. Economists at Scotiabank note that the pair could fall to the 1.05/06 region.

Bearish

“Intraday weakness below the 1.0730/35 support zone (now minor resistance intraday) risks seeing EUR losses extend somewhat more as spot’s recent consolidation range has broken down.”

“EUR/USD support is 1.0670/80 (55-Day Moving Average which held losses earlier this week at 1.0682). EUR losses could extend to the 1.05/1.06 range below there.”

See – EUR/USD: Lower end remains the more vulnerable one – Commerzbank