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EUR/USD to test 1.0790 on a break under 1.0840 – Scotiabank

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EUR/USD to test 1.0790 on a break under 1.0840 – Scotiabank


EUR/USD dips after another rejection of 1.09. The pair could slump to 1.0790 on a break below 1.0840, economists at Scotiabank report.

Broader bull trend remains intact

“Spot has reversed quite strongly from the daily high just above 1.09, giving the intraday chart a negative look.” 

“The near-term outlook turns more EUR-negative below 1.0840 (minor double top trigger) which would put the EUR on course for a test of 1.0790.”

“The broader bull trend remains intact, however, and we continue to anticipate firm support for the EUR on relatively minor dips.”

 



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I'm a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.