EUR/USD: Charts suggest a bearish rejection – Scotiabank

EUR/USD tests 1.10 area. Economists at Scotiabank analyze the pair’s outlook.

EUR/USD support is 1.0955/60

Spot has retained a firm undertone in Thursday’s trade but the intraday chart does reveal a fairly strong rejection of the upper 1.09 area through Asian trade (bearish outside range on the six-hour chart). That should strengthen resistance to EUR gains in the 1.0990/1.1000 area this morning (but would also imply scope for more gains on a sustained push above the figure). 

EUR/USD support is 1.0955/60 ahead of major trend support at 1.0920.