EUR/USD has failed to hold the 1.11 handle. As economists at Scotiabank note, risks remain tilted to the downside.
EUR/USD upside remains restricted to the 1.1135 area
“The shared currency is trending toward a test of support at 1.1058 (yesterday’s low) with the daily low of ~1.1070 providing intermediate support.”
“EUR upside remains restricted to the ~1.1135 area and the mid-figure zone while upward momentum is clearly limited.”
“The EUR remains liable to a break under 1.10 in the coming days as Russia’s invasion continues.”