EUR/USD to see limited support until 0.9575/70 on a dip under 0.99 – Scotiabank

EUR/USD has tested the 0.99 area. A break below here could trigger a substantial drop towards the 0.9575/70 support.

Weak demand for the euro

“Short-term price action does reflect some positives for the EUR – bullish reversals on the one and six-hour charts – but the lack of follow through off the intraday low at 0.99 suggests only weak demand for the EUR here, with the figure area still drawing attention.”

“We spot intraday resistance at 0.9950.” 

“Support below the figure is really limited to 50s and 00s until 0.9570/75.”