EURUSD still has the 1.05 level in its crosshairs – Scotiabank

FXStreet Insights Team FXStreet

EURUSD faltered around 1.0400 and is edging lower on Thursday. Still, economists at Scotiabank expect the pair to target the 1.05 mark.

Minor EUR dips remain a buy from a technical perspective

“EUR gains have stalled and there is scope for losses to extend modestly as spot consolidates the sharp advance seen over the past week.”

“Intraday support is 1.0295/00. Resistance is 1.04.”

“Broader trend signals remain EUR-bullish and we think that minor EUR dips remain a buy from a technical perspective.”

“We target a test of the low 1.05 zone (50% Fibonacci retracement of the 2022 decline).”

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FXStreet Insights Team

FXStreet

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