EUR/USD: Short-term technicals are bearish - Scotiabank

Sandeep Kanihama FXStreet Contributor

Scotiabank’s analysts think that the short-term technical for EUR/USD are on the bearish side and traders should trade the currency pair with caution for the time being.

Key Quotes

“Momentum indicators are bearish and the DMI’s are confirming.”

“EUR appears to have broken the ascending channel from November and near-term support appears limited ahead of the November low around 1.1220.”

“We are somewhat cautious however, given that EUR continues to trade within the range and given that it has shown a remarkable ability to rally from the mid/upper-1.12s in several instances over the past few months.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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