A snippet from Scotia on the euro, analysts thinking its not if but when it moves lower.

To the downside:

  • steep swings over the past two weeks have left it a clear risk of a test & cross of 1.15 amid continued downward pressure since late-May
  • A cross under the figure sees limited support until 1.1422 and the 1.14 area and then losses could quickly extend into the 1.11s

On the topside:

  • 1.16 zone is resistance
  • followed by the mid-figure area that stands as downtrend resistance