EUR/USD trades more or less flat. Economists at Scotiabank analyze the pair’s technical outlook.

The recent downtrend remains intact

EUR/USD losses stalled on Thursday as spot tested 1.0925 support – where major trendline support and moving average support converge. The EUR gained a little ground from the low but the rejection was not especially forceful and the recent downtrend remains intact. 

EUR/USD gains through 1.0955/65 would point to the potential for the EUR to develop a little more upside momentum and challenge key, short-term resistance at 1.1045/50.