EUR/USD losses continue to coalesce around the low 1.06 support zone. Economists at Scotiabank analyze the pair’s outlook.
Support in low 1.06 area remains solid
EUR is weak but, now under it’s 10-week streak of losses and holding support in the lower 1.06 area (long-term retracement support at 1.0612), there is potential for some stability or recovery in the EUR in the near term.
Short-term price action suggests solid demand on dips to the 1.0620 zone.
Gains through 1.0670/1.0675 should signal additional gains ahead.
