Scotiabank anticipates a continuation of the consolidation of EUR/USD on the Forex in the very short term but is a BEEN on the daily chart.
«EUR/USD has retreated after rising on Friday morning. The new low-marginal-EUR/USD of 1.18 is not extended significantly, and the pair tries to go up slightly.
Trend indicators are weak on the analysis of the short-term, suggesting a continuation of the consolidation, but we note a potential top in the Shoulder-Head-Shoulder on the daily chart that could signal a more significant bearish reversal is a risk for EUR/USD from the area of 1.20 (neck line to 1.1675). «