EUR/USD: Break under 1.0840 to put a test of 1.0775/1.0800 on the radar – Scotiabank

Market news

20 March 2024

EUR/USD: Break under 1.0840 to put a test of 1.0775/1.0800 on the radar – Scotiabank

EUR/USD dips back to the lows 1.0800s. Economists at Scotiabank analyze the pair’s outlook.

The short-term downtrend is gathering momentum

ECB President Lagarde reiterated that policymakers need more evidence that inflation is receding but, if data outcomes are in line with current expectations, the central bank can start dialing back rate hikes in June. The ECB would remain data-dependent thereafter and will not pre-commit to policy moves.

The short-term downtrend is gathering momentum but the daily DMI study remains neutral for now.

A break under 1.0840 puts a test of 1.0775/1.0800 (easily) on the radar.

Resistance is 1.0875.

Oil eases from four-month high amid strengthening US Dollar

India M3 Money Supply climbed from previous 10.9% to 11.3% in March 4

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.