EUR/USD: Close below 1.10 to stand out as a clear bearish signal – Scotiabank

EUR/USD has swung around the 1.10 mark for the better part of the past four days. Economists at Scotiabank note that a close below this level would stand out as a clear bearish signal for the euro.

Support is around the 1.10 figure area followed by 1.0960/65

“A close below 1.10 for the week would stand out as a clear bearish signal for the EUR.” 

“The EUR’s bearish trendline from mid-Feb comes in as resistance at ~1.1050, with the mid-figure area broadly set to limit upside followed by 1.1070 and the 1.11 zone.” “Support is around the 1.10 figure area followed by ~1.0960/65 that has held up the EUR in three consecutive sessions; ~1.0950 and ~1.0925 follow.”