FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, has reiterated the bearish stance on the pair in the short-term. Key Quotes “Momentum indicators continue to accelerate, providing confirmation to the decline in spot. Trend indicators are showing renewed strength”. “We look to potential support at 118.00, beyond which lies the short-lived August 24 intraday low around 116.20”. For more information, read our latest forex news.