EURUSD still has the 1.05 level in its crosshairs – Scotiabank

EURUSD faltered around 1.0400 and is edging lower on Thursday. Still, economists at Scotiabank expect the pair to target the 1.05 mark.

Minor EUR dips remain a buy from a technical perspective

“EUR gains have stalled and there is scope for losses to extend modestly as spot consolidates the sharp advance seen over the past week.”

“Intraday support is 1.0295/00. Resistance is 1.04.”

“Broader trend signals remain EUR-bullish and we think that minor EUR dips remain a buy from a technical perspective.”

“We target a test of the low 1.05 zone (50% Fibonacci retracement of the 2022 decline).”