FXStreet reports that economists at Scotiabank suggest that EUR/USD needs to surpass the 1.1600/15 region to alleviate downside pressure.
“Downside action was limited to the 1.1575/85 area that will act as support followed by the 1.1550 zone.”
“Going forward, EUR/USD will have to firmly break past the figure (1.1600/15) and the mid-1.16s to negate the firm downtrend that has held it since mid-year (and remains geared towards a break under 1.15).”