EUR/USD: Price actions points to a reinforced decline (Scotiabank)

Scotiabank anticipates sharp downward pressure on the EUR/USD in the short term.

"The EUR/USD remains stuck below the peak hit earlier this week, but the market is still failing to develop strong bearish momentum with notable support in the upper 1.11 area.

We believe that short-term price action points to corrective risks, with rises towards the mid-1.12 zone attracting selling pressure this week. We are bearish under 1.1180 with targets in the 1.1075/80 area."