EUR/USD: Scotiabank points to technical sell signals over different time frames

In a daily update of its forex forecasts, Scotiabank posted a bearish view on the EUR/USD:

"Price action suggests that the consolidation of the beginning of the year is breaking through on the downside. Intraday signals are negative, and daily technical configurations are also pointing downwards.

In the short term, a sustained decline under the trend line that is visible since early January (currently a resistance level at 1.0696) should put the EUR/USD pair on the way to a tst of the 1.05 zone."