EUR/USD looks soft but scope for losses should remain relatively limited – Scotiabank

EUR/USD eases back to the mid-1.09 area. Economists at Scotiabank analyze the pair’s outlook.

Trend and moving average supports are converging in the 1.0925/30 area

The EUR looks soft but scope for losses should remain relatively limited after last week’s solid rejection of trend support in the low 1.09 area. 

Trend and moving average (50 and 100-day) supports are converging in the 1.0925/30 area to provide the EUR with some solid-looking support. 

Resistance is 1.10 and – firmer – at 1.1045/50.

See: EUR/USD unlikely to drift away from a 1.09-1.11 range this month – ING