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EUR/USD: LOSSES THROUGH THE LOW 1.0700S ON A SUSTAINED BASIS TARGET A DROP TO 1.0610 – SCOTIABANK

Alan xi
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EUR/USD tests 1.0700 area. Economists at Scotiabank analyze the pair’s outlook.

Gains back above 1.0805/1.0810 are needed to boost the technical outlook

Spot has lost support at 1.0725 (lows from December and early February) and losses through the low 1.0700s on a sustained basis (1.0712 is the 61.8% retracement support of the EUR’s Q4 rally) target a drop to 1.0610 (76.4% Fib at 1.0611). 

A rebound back through 1.0725 steadies the EUR in the short run but gains back above 1.0805/1.0810 are needed to boost the technical outlook.

 


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