EUR/USD: Losses are steadying in the upper 1.06 zone – Scotiabank

Market news

8 November 2023

EUR/USD: Losses are steadying in the upper 1.06 zone – Scotiabank

The mid/upper 1.06 zone is set to cushion EUR losses, economists at Scotiabank report.

Resistance seen at 1.0685/1.0690

The EUR retains a soft undertone on the daily chart but losses are steadying in the upper 1.06 zone, right on the 38.2% retracement of the EUR’s rally last week.

The mid/upper 1.06 zone coincides with high/low support or congestion and EUR losses should be cushioned by still bullish-leaning intraday and daily trend strength oscillators.

Resistance is 1.0685/1.0690 intraday.

See: EUR/USD may continue its gradual return towards 1.0600/1.0650 – ING

GBP/USD: Gains through 1.2265 could extend to the low 1.23 area – Scotiabank

US Dollar recovers on the back of concern about earnings

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