EUR/USD short-term technicals: bearish - Scotiabank

Analysts at Scotiabank explained that the soft price action in earlier European trading has left a bit of a dent in the short-term technical picture for EUR/USD.

Key Quotes:

"Even though spot has firmed a little from the low print around 1.0560. A fourth, and strong, rejection of the 1.06+ level yesterday should keep the broader technical undertone negative and strengthen near-term resistance above the 1.06 area (55-day MA just above). 

Look to fade short-term gains to the 1.06 area. We target a retest of the 1.05 zone shortly."