EUR/USD renewed downside targets 1.0450 – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, remains bearish on the pair in the short term.

Key Quotes

“EUR is flirting with 1.05 at levels last seen in early January. The push opens up the risk of further weakness toward the Jan 11 low around 1.0450 and the Jan 3 multi-year low at 1.0341 (level last seen in January 2003)”.

“Momentum signals are bearish and showing signs of acceleration. The RSI is at 37, leaving ample room for further downside. DMI’s are providing confirmation and suggestive of a strengthening trend. MA’s are bearishly aligned”.