EUR/USD: technical analysis suggests that euro could pursue its fall during the coming weeks (Scotiabank)

Scotiabank believes that the EUR/USD could continue its decline on the forex in the short term.

"The EUR/USD broke through short-term key support in the lower 1.18 area and seems to be able to further dip, at least in the short term.

Technical trends seem to be weakening for the EUR/USD below 1.1825 following two tests of the 1.2070/90 zone last month.

Technical risks are now shifting towards a decline of the EUR/USD towards the high area of the 1.15 zone during the next 4-6 weeks."