EUR/USD: Has the pair recorded a peak? (Scotiabank)

Scotiabank maintains a neutral/bearish bias in the short term on the EUR/USD despite the recent rebound.

"The EUR/USD rally widened to 1.2440 on Wednesday, before retreating during the European session, somewhat blurring the short-term signals.

The 6-hour chart shows a bearish outside range signal, suggesting a peak around 1.2440 and a potential for decline in the direction of 1.2350 upon the break of a short-term trend line around 1.2405."