EUR/USD: Consolidation at Current Levels Likely to Continue - Lloyds
Analysts from Lloyds Bank point out that EUR/USD
is trading at the upper limit of its medium-term range and a
consolidation over the coming sessions at current levels is likely.
“EURUSD remains at the upper-end of its medium term range. Given that momentum studies do not give a clear bullish or bearish indication, consolidation at this level is likely to continue over the coming sessions.”
“A decline through 1.1320/1.1280 is needed to add some validity that the range highs have again held, with 1.1180 the key level to re-open 1.08 range lows.”
“Medium term we remain trapped in 1.0450 – 1.1465 range - we expect this range to remain intact for now. But given the proximity to the range highs, there is a risk that we break above 1.1465, which could trigger not only a re-test of last August’s spike high to 1.17, but potentially a move towards 1.20-1.23.”
(Market News Provided by FXstreet)