EUR/USD technicals still remain bearish - Scotiabank

Analysts at Scotiabank explained that their EUR/USD short-term technical outlooks are still bearish.

Key Quotes:

"We under-estimated the scope for the EUR to rally yesterday.

"We are not convinced the rally can extend."

"We look for EUR/USD to soften again. Our fair value model implies an equilibrium rate of 1.0167 for EURUSD currently."

"Weakness below 1.0485 short-term retracement support should see the EUR extend back to the 1.0430/50 range at least."