EUR/USD to suffer further downward pressure below the 1.05 area – Scotiabank EURUSD Banks
ends its six-day losing streak. However, economists at Scotiabank note that the pair is in a bearish trend and expect more dowside ahead.“Weak growth, continued risks surrounding energy supply, and exhausted“After closing just under 1.05 yesterday, the EUR strengthened to as high as the 1.0590/00 resistance zone that should continue to act as a strong ceiling during today’s session.”
“Downward pressure could face support at the mid-1.05s but the EUR’s steep bearish trend suggests it is at clear risk of a re-test of the figure zone and yesterday’s 1.0472 low; no obvious support markers come in until the early 2017 low of 1.0341.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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