EUR/USD failed to make much headway past 1.12 and is trading back under the figure. As it is still too early to anticipate a resolution to the Russian invasion, economists at Scotiabank expect the pair to move downward to the 1.10 level.

Resistance after 1.12 is located at 1.1240/50

“The pair has managed to hold above 1.11 against bearish price trends since early/mid-Feb and has generally only briefly dropped below the mid-figure area that stands as support followed by 1.1100/20.” 

“Resistance after 1.12 is 1.1240/50 and 1.1275 and the 1.13 area.”

“For now, the EUR is unlikely to push higher and may continue to weaken toward 1.10 as the conflict drags on, and possibly escalates in the next few days.”