EUR/USD to slump below 1.16 on large PMIs miss – Scotiabank

EUR/USD is steady in mid-1.16s ahead of key PMIs tomorrow. Economists at Scotiabank do not expect the pair to slide below 1.16 unless the eurozone posts awful data.

Initial support seen at the 1.1635 dayly low

“Friday’s release of preliminary PMIs in the eurozone that will likely reflect the impact of high energy prices in the region. However, with the hit to manufacturing generally expected, only a large data miss could see the EUR/USD fall under the key 1.16 level.”

“The intraday low of ~1.1635 is support followed by 1.1600/15.” “

“Resistance is 1.1665/85.”