Scotiabank thinks that EUR/USD remains on a downward trend in the very short term.
«EUR/USD is attempting a full correction of the rally on Monday, going back towards the 1.1750, with risks of further decline towards the low of last week.
The trend since the beginning of the month of August is still clearly bearish, with a sequence of peak of lower lows and lower and lower.
The momentum has become more neutral (from bullish earlier) and the MM 9 days seems ready to break under the MM of 21 days.
The support comes in at 1.17, and the resistance is at 1.1820. «