EUR/USD edges higher but modest gains encounter selling pressure. Economists at Scotiabank analyze the pair’s technical picture.

Resistance aligns at 1.0650

“EUR/USD has recovered from yesterday’s low around 1.0577 but gains have been slight and the short-term chart suggests that the EUR is running into firm selling pressure in the low 1.06s. 

“Renewed weakness and a push under minor support intraday at 1.0580 might see a bit more downward pressure on the EUR develop.”

“Resistance is 1.0650.” 

See – EUR/USD: Volatility in a 1.05-1.10 range depending on the data in Q2 – ING