EUR/USD has bounced back from sub-1.04 levels. However, the pair has struggled to surpass the 1.0485 mark, that stands as key resistance, economists at Scotiabank report.

Support past 1.04 does not come in until the mid-1.03s

“The EUR’s daily gains stalled around 1.0485, that stands as key resistance ahead of the 1.05 zone, that triggered fresh selling.”

“Support past ~1.0420 and the big figure area does not come in until the mid-1.03s that marked the EUR’s low in mid-May – and could prevent losses to its 2017 low of 1.0341.”