EUR/USD edges back under the 1.07 level. Economists at Scotiabank expect the world’s most popular currency pair to sustain more losses on a break below the 1.0635 mark.

EUR reversal from the highs has been quite significant

“The EUR reversal from the highs has been quite significant and suggests a failure/rejection at the 55-Day Moving Average (1.0716).”

“EUR/USD losses may extend a little more on a break under 1.0635 intraday.”

See: EUR/USD set to extend its race higher toward the 1.0780/1.0800 area – ING