EUR/USD: Looking soft and prone to more weakness – Scotiabank

Market news

23 January 2024

EUR/USD: Looking soft and prone to more weakness – Scotiabank

EUR/USD nears 1.0845/1.0850 support. Economists at Scotiabank analyze the pair’s technical outlook.

Intraday and daily price signals look bearish

Hefty intraday losses leave the EUR looking soft and prone to more weakness.

Intraday and daily price signals (at least for now) look bearish and leave spot dangling precariously just above the recent low around 1.0850 (200-DMA at 1.0846 today).

Spot appears to have reacted adversely to another failed test of regaining 1.09+ on the day – strong resistance at 1.0910/1.0920.

Weakness below 1.0845/1.0850 should see EUR losses develop towards 1.0700/1.0800.

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