EUR/USD should find firm support on modest dips – Scotiabank

Market news

5 March 2024

EUR/USD should find firm support on modest dips – Scotiabank

EUR/USD edges a little lower. Economists at Scotiabank analyze the pair’s outlook.

A clear move on to and through resistance in the upper 1.0800s remains elusive

Intraday and daily DMI readings suggest the mild uptrend in place since the middle of last month remains intact and that spot should find firm support on modest dips.

A clear move on to and through resistance in the upper 1.0800s (1.0880/1.0890) remains elusive, however, and progress will need to be made sooner or later to sustain the rally.

Support is 1.0795/1.0800.

GBP/USD will have to overcome 1.2700/1.2710 for gains to extend – Scotiabank

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