EUR/USD to pressure the 1.11 support zone in the coming days – Scotiabank

EUR/USD opened with a big bearish gap but it has clambered back to trade positive on the session, if still lower than Friday’s close. Economists at Scotiabank expect the world's most popular currency pair to push lower towards the 1.11 zone in the coming days.

Gains above 1.15 are needed to confer a sense of strength 

“Some gap-filling gains may confer a bit more strength on the EUR to the mid/upper 1.12s in the short run but we still rather think the EUR will struggle to gain meaningfully in the near/medium term.”

“Spot gains above 1.15 are needed to confer a sense of strength on the medium term charts and that looks a big ask at the moment.”

“Short-term trends are likely to be choppy but we look for renewed pressure on the 1.11 support zone in the coming days.”