EUR/USD to suffer additional losses on a dip under 1.08 – Scotiabank

EUR/USD’s break under support in the mid-figure area yesterday has opened up losses to a re-test of the 1.08 figure. A drop below here would clear the way towards the mid-107s, then the 1.07 mark, economists at Scotiabank report.

March 2020 low of 1.0636 stands as key support

“If the EUR fails to hold above the 1.08 level, continuing bearish pressure (note there’s still room to go until oversold on the RSI) would weigh on it toward the mid-1.07s and 1.07-figure zones as support.” 

“The March 2020 low of 1.0636 stands as key support.”

“Resistance after ~1.0850 is the 1.09 area and ~1.0935.”