EUR/USD at risk of further losses on a weekly close under 1.14 – Scotiabank

EUR/USD dips under 1.14. A weekly close below this level would leave the pair at risk of suffering further falls as the technical picture worsen, economists at Scotiabank report.

1.14 stands as key resistance

“1.14 stands as key resistance; 1.1420 and the mid-figure zone follow.”

“The EUR may still be maintaining the outlines of a bullish flag pattern and a breakout toward a test of 1.16 is still in the cards, but a close under 1.14 on the week leaves the technical picture looking less positive.”

“Below 1.1370, support is the mid-figure area and the 50-day MA of 1.1328.”