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According to Scotiabank analysis team, EUR/USD pair has been trading on a little softer side and 1.12 levels should act as a strong support levels.

Key Quotes

“Price action challenges our more constructive view of technical position confronting EUR.”

“However, we continue to think that the 1.12 area should provide firm support for EUR in the near-to medium term but we acknowledge that building bearish momentum will mean that losses to new cycle lows will likely mean more sustained weakness for EUR ahead.”