The Euro (EUR) has slipped back to the mid-1.03 area after failing to hold gains through the low 1.04s yesterday, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR weakens after failing to hold 1.04+ gains
“The EUR is maintaining some of yesterday’s rally. While the failure to hold gains through the low 1.04 area (initial retracement resistance from the EUR’s Sep/Jan decline in the EUR sits at 1.0422) looks a little disappointing, the EUR is holding the break above trend resistance, now support, at 1.0318. A clear move through 1.0420/25 should add to corrective momentum.”
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