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.
“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.”
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