EUR/USD Moving to Test 1.1070/60 While Under 1.1220 - Lloyds Bank

EUR/USD Moving to Test 1.1070/60 While Under 1.1220 - Lloyds  Bank

Analysts from Lloyds Bank see the EUR/USD  pair moving to test 1.1070/60 as long as it holds below 1.1220. On a wider perspective, they continue to see a gradual move toward 1.09/1.08.

Key Quotes:

“Intra-day rebounds are developing in a corrective manner, with initial resistance at 1.1220 holding, but stronger resistance is above this at 1.1275/85. While these levels hold the trend from 1.16 remains intact and can still re-test the 1.1070/60 channel and Fibonacci support zone.”

“Up through 1.1275/85 will signal a stronger correction is already underway.”

“While there remains the risk of a C wave rally to test monthly resistance in the 1.19-1.23 region, the reversal from 1.16 suggests we are actually still in a range environment (that started in March 2015), which should see a very gradual move back towards 1.09/1.08 in the coming quarter or so.”