FX Chief Strategist at Scotiabank Shaun Osborne noted the bearish outlook on the pair in the short-term. Key Quotes “Intraday price action looks bearish. EURUSD dropped sharply in European trade and may have further to fall in the near-term, according to the charts”. “Hourly patterns have carved out a rough Head & Shoulders top over the past two days and weakness below the 1.1135 neckline this morning has triggered the signal; the measured move targets 1.0980 over the next 1-2 days”. “Look for resistance now in the low/mid 1.11s”. For more information, read our latest forex news.