The EUR/USD pair again bounced off the 1.1270/80 support zone this morning to now run into the 1.1320/25 resistance. Economists at Scotiabank note that the technical picture remains bearish.

Resistance is 1.1340/60/80

“EUR/USD remains in its sideways trajectory since late-November while the broad technical picture (since last May) remains bearish and points to losses continuing after this lengthy consolidation period.”

“Support after 1.1270/80 is the mid-figure zone followed by ~1.1220.”

“Resistance is 1.1340/60/80; note 50-day MA at 1.1364.”