EUR/USD could suffer a renewed dip under the 0.98 mark – Scotiabank

EUR/USD fades from 0.99. In the view of analysts at Scotiabank, the world’s most popular currency pair could slip below the 0.98 level.

Gains to the 0.99 area could not muster additional momentum

“Intraday gains to the 0.99 area could not muster additional momentum to test key trend resistance, drawn off the Feb high, at 0.9940.”

“The 40-day MA (0.9866) is still curbing EUR gains in effect and that may prompt a renewed dip under the figure to test support in the mid-0.97s ahead of key, short-term support at 0.9700/10.”