EUR/USD is Still Grinding Higher – Lloyds Bank
Research Team at Lloyds Bank, suggests that EUR/USD is still grinding
higher from 1.1240 support, driven by general USD weakness.
Key Quotes
“We
still view this as corrective against last week’s reversal from 1.1465
key resistance. 1.1325-1.1375 is the resistance window in this regard,
with a break down through 1.1240 the ideal confirmation of our bearish
view, opening a move back towards the 1.0950 to 1.08 support zone.
Medium
term we remain trapped in a 1.0450 – 1.1465 range and expect this range
to remain intact for now. But a clear break of 1.1465 risks not only a
re-test of last August’s spike high to 1.17, but potentially a move
towards 1.20-1.23 before trying to develop a top as part of an expanding
range.”
