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    EUR/USD: Dips to the low 1.0800 area continue to draw support – Scotiabank

    Source Fxstreet
    Jan 30, 2024 12:47

    EUR/USD trades off lows. Economists at Scotiabank analyze the world’s most popular currency pair outlook.

    Undertone remains soft

    The EUR/USD pair closed Monday’s session below the 200-Day Moving Average (1.0842) for the first time since early December. The 200-DMA had provided some semblance of support for the EUR over the past week.

    EUR dips to the low 1.0800 area continue to draw support, however, and retracement support (50% Fibonacci of the EUR’s Q4 rally) sits at 1.0793, ahead of 1.0712 (61.8%).

    Resistance is 1.0855/1.0860.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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