EUR/USD: Close above 1.11 needed to maintain the bullish tone – Scotiabank

EUR/USD has endured a correction, slipping from resistance at 1.1180 to below 1.11. Economists at Socitbank highlight that the world’s most popular currency pair needs to close above the 1.11 level to resume its gains.

EUR’s picture still looks positive

“Price action over Tue/Wed still leaves the EUR picture looking relatively positive, but a close above 1.11 may be needed to maintain the recently bullish tone.”

“The 50-day MA at 1.1180 will act as resistance alongside 1.1190/00.”

“Support is 1.1090/00 followed by 1.1070/75 and the mid-1.10s.”