EUR/USD (Scotiabank) : the decline of The Euro remains in a corrective at this point but beware a break below 1.17

Scotiabank notes that the current drop in EUR/USD on the Forex still corrective at this stage.

«EUR/USD retains a tone of weak technical.

We note, however, a strong potential support to the 1.1725/35, represented by the 23.6% retracement of the rally from April to September and the moving average 200 weeks EUR/USD has broken to the upside in mid-August for the first time since 2014.

The price trend seems to be solid on the studies of the short-term, but the signals are mixed on the oscillators of the longer-term, suggesting that the downturn remains fix at this stage.

A break clear under the support in the area of 1.17 would suggest the risk of falling towards 1.15 in the coming weeks. «

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