The EUR/USD opened with a large gap lower, but has climbed back to trade positive for the session, although still lower than Friday’s close. Scotiabank economists expect the world’s most popular currency pair to push lower towards the 1.11 area in the coming days.
Gains above 1.15 are needed to confer a sense of strength
“Some gap-filling gains may give the euro a bit more strength to 1.1250 in the short to medium term, but we continue to think the euro will struggle to gain significantly in the short/medium term.”
“Spot gains above 1.15 are needed to confer a sense of strength on medium-term charts and that looks in high demand at the moment.”
“Short-term trends are likely to be choppy, but we expect renewed pressure at the 1.11 support area in the coming days.”
Source: Fx Street
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