EUR/USD set to challenge the 1.10 level – Scotiabank

EUR/USD fell to a new low since May 2020 at 1.1060 before clawing its way back to a failed test of resistance at 1.11. Economists at Scotiabank expect the pair to pull toward a test of 1.10.

After the 1.11 zone, resistance is at 1.1135/40

“EUR/USD is now nearing oversold on the RSI and the 1.10 psychological trigger may also provide a solid floor on continued declines, but the pair is showing limited signs of a reversal of its decline since early-Feb.”

“After the 1.11 zone, resistance is 1.1135/40 and the mid-figure area followed by 1.12.”

“Support after the 1.1060 low and the mid-1.10s is the big figure.”