EUR/USD: Risk looks to be tilting towards a test of the 1.1050 support zone – Scotiabank

EUR/USD slides under 1.11. Economists at Scotiabank analyze the pair’s technical outlook.

A close back under support in the upper 1.11s last week is a bit of a disappointment for EUR bulls

A close back under support in the upper 1.11s last week is a bit of a disappointment for EUR bulls and the soft tone in spot has extended another day today with spot losses through the low 1.11s to test the April/May highs (support) at 1.1090. 

Risk from here looks to be tilting towards a test of the 1.1050 support zone (retracement and minor high from June).