EUR/USD to dive towards 1.10 on a break below 1.12 – Scotiabank

EUR/USD drifted into the negative territory for the second successive day on Tuesday. Economists at Scotiabank note that a slump below the 1.12 level would open up the 1.10 mark.

Initial resistance seen at 1.1280

“Downward pressure towards a retest of 1.12 remains firmly in place (albeit at a relatively slow pace).” 

“The EUR faces limited support past the 1.12 area, with a break under the level liable to extend to 1.10.” 

“Intraday resistance stands at ~1.1280 and then the 1.1300/10 zone stands as the main obstacle for the EUR.”