EUR losses have extended, with the EUR/USD pair dropping under the 1.08 area. Shaun Osborne, Chief FX Strategist at Scotiabank expect the low 1.07s to offer a solid floor.

Resistance aligns at 1.0825/30

“EUR losses have taken back about half of the past week’s rally and extended a bit more than I expected yesterday when noting the bearish short-term developments on the charts.”

“Look for support to firm up in the low 1.07s (55-day MA at 1.0733, 50% Fib of the EUR rally from the Mar 15th low is 1.0725).”

“Intraday resistance is 1.0825/30.”