EUR/USD: major support seen at 1.1100/10 - Scotiabank

Analysts at Scotiabank explained that overhead resistance in EUR/USD in the 1.1290/1.1300 area looks quite strong.

Key Quotes:

"The EUR has failed in or around that area three times this week (essentially where key medium-term moving averages are clustered - e.g. the 55-day at 1.1310).

Intraday price action looks weak and new short-term cycle lows (below 1.1190) appear imminent.

We see major support at 1.1100/10."