EUR/USD: Decline could extend to the 1.1000/05 area – Scotiabank

Economists at Scotiabank analyze EUR/USD technical outlook.

There is little sign of the move lower reversing at this point

Price action looks soft and there is little sign of the move lower reversing at this point. 

EUR/USD losses through the mid-1.10 area suggest the decline could extend to the 1.1000/05 area now (61.8% retracement of the July rally). 

Resistance is 1.1095/00.

See: 

• EUR/USD: Sellers to target a return to 1.10 after dovish comments by council hawk Knot – SocGen

• Skepticism about the EUR in the long run – Commerzbank