EUR/USD edges higher but modest gains encounter selling pressure. Economists at Scotiabank analyze the pair’s technical picture.
Resistance aligns at 1.0650
“EUR/USD has recovered from yesterday’s low around 1.0577 but gains have been slight and the short-term chart suggests that the EUR is running into firm selling pressure in the low 1.06s.
“Renewed weakness and a push under minor support intraday at 1.0580 might see a bit more downward pressure on the EUR develop.”
“Resistance is 1.0650.”
See – EUR/USD: Volatility in a 1.05-1.10 range depending on the data in Q2 – ING
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