EUR/USD gains to mid-1.08s. Nonetheless, economists at Scotiabank expect the pair to move below he 1.08 level.

Downward pressure remains in place

“The EUR’s solid rebound off sub 1.08 levels, to trade as low as 1.0761 yesterday, to the mid-figure zone is giving the impression that the EUR’s decline may have neared an end. Still, though the EUR broke the trendline from its late-March high, downward pressure remains in place that points to firmer losses under 1.08 – with the close under the figure yesterday augmenting the bearish outlook.” 

“Support is ~1.0820 followed by the figure zone, ~1.0780, and ~1.0760.”

“Resistance is ~1.0865 followed by the 1.09 zone.”