EUR/USD: the euro remains supported on the forex (Scotiabank)

Scotiabank believes that the EUR/USD remains bullish in the short term.

"The EUR/USD drop since 1.18 leaves the short-term technical setup slightly weak, broadly speaking.

The EUR/USD has however closed solidly above the key resistance at 1.1725, and the weekly chart remains positive for the pair, so we expect support for the EUR/USD on modest declines towards the mid/low 1.17 zone.

A significant return below 1.17 would cancel the momentum that had developed last week."