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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.”