EUR/USD: The 1.05 and 1.06 figure areas remain solid support and resistance zones – Scotiabank

Another session of range-trading for the EUR/USD leaves the pair’s technical picture looking broadly intact. Economists at Scotiabank note that the 1.05 and 1.06 levels remain solid support and resistance, respectively.

Losses below 1.05 find support at the late April low of 1.0472

“The 1.05 and 1.06 figure areas remain solid support and resistance zones, respectively, while the broad trend in the EUR points to this consolidation period eventually giving way to further losses to a five-year-low.”

“Intraday support ahead of the figure is ~1.0525 while the daily high of ~1.0575 stands as intermediate resistance followed by ~1.0585 ahead of the figure zone.” 

“Losses below 1.05 find support at the late Apr low of 1.0472.”