EUR/USD to check 1.0790 on a break below 1.0840 – Scotiabank

EUR/USD dips after one other rejection of 1.09. The pair might droop to 1.0790 on a break beneath 1.0840, economists at Scotiabank report.

Broader bull pattern stays intact

“Spot has reversed fairly strongly from the day by day excessive simply above 1.09, giving the intraday chart a unfavorable look.” 

“The near-term outlook turns extra EUR-negative beneath 1.0840 (minor double high set off) which might put the EUR heading in the right direction for a check of 1.0790.”

“The broader bull pattern stays intact, nonetheless, and we proceed to anticipate agency help for the EUR on comparatively minor dips.”