EUR/USD: At risk of losses to 1.08 in the short run – Scotiabank

EUR/USD slides below 1.10. Economists at Scotiabank note that the shared currency is at risk of suffering further losses towards the 1.108 mark.

Weekly close above 1.10 may slightly take the edge off the euro’s sharp losses of late 

“With no end in sight to the war in Ukraine and more event shocks ahead (like the nuclear power plant yesterday), the EUR is at risk of losses to 1.08 in the short run.”

“EUR/USD now faces limited support markers until psychological floors in the 1.09 and 1.08 zones.”

“A weekly close above the figure may slightly take the edge off the currency’s sharp losses of late, but upward momentum remains limited and there are no clear signs of a reversal being in the works.”

“Resistance after the figure area is the 1.1040/60 zone.”