After failing to close above 1.11 on Thursday, EUR/USD has broken a four-day positive streak with losses breaching the 1.1050 support zone. Next bearish target aligns at the 1.10 level, economists at Scotiabank report.
Failure to close the week above 1.11 to signal loss of momentum
“The currency maintains a broad upward trend from last week’s lows near 1.08 but a failure to close the week above 1.11 may signal a clearer loss of momentum.”
“Intraday price action has been clearly bearish for the EUR and a break under 1.1050 leaves the 1.10 mark as the next support marker.”
“Resistance after the figure is ~1.1120 and ~1.1135.”