In the view of the analysts at Scotiabank, EUR/USD could plunge to 1.1100 should the 1.1400 demand area give way.

Key quotes

“Steep swings over the past two weeks have left it a clear risk of a test & cross of 1.15 amid continued downward pressure since late-May.”

“A cross under the figure sees limited support until 1.1422 and the 1.14 area and then losses could quickly extend into the 1.11s.”

“1.16 zone is resistance, followed by the mid-figure area that stands as downtrend resistance.”