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EUR/USD looks soft again in the low 1.0800s. Economists at Scotiabank analyze the pair’s outlook.
Support below the 1.0800 figure should firm up in the 1.0770/1.0790 zone
The EURUSD faced a downturn as it slipped below a minor support level at 1.0850, contributing to a negative tone in the short-term chart.
Although the Euro’s losses have stabilized around the 1.0800 mark, any recovery in price has been relatively restrained.
If there’s a resurgence above the intraday resistance at 1.0835, it could alleviate bearish pressures on the EUR, potentially paving the way for a move back up into the mid to upper 1.0800s.
Support for the EUR beneath the psychological figure is anticipated to strengthen within the 1.0770/1.0790 zone.
