EUR/USD set to retest levels below 1.04 – Scotiabank

EUR/USD gains to mid-1.04s. Still, economists at Scotiabank expect the world’s most popular currency to drop under the 1.04 level.

EUR/USD remains saddled by a bearish trend

“EUR/USD remains saddled by a bearish trend that points to a re-test of sub-1.04 levels.”

“Daily gains have stalled around the mid-1.04s that stands as key resistance prior to 1.0475 and 1.0490, with the 1.05 area generally acting as a firm ceiling.”

“Support is 1.0415/20 (daily low) and the big figure zone, with the 1.0366 Friday low following.”