EURUSD: Still trapped in a range – Lloyds Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Delhi) – Research Team at Lloyds Bank, notes that EURUSD rallied a little on the back of the better than expected PMIs yesterday, but still remain trapped in a range.

    Key Quotes

    “Interestingly, this year we have been developing a slightly higher low on each of the pullbacks (1.0710, 1.0770 and 1.0815), which would suggest the market may be close to a breakout. A move up through 1.0985 and then 1.1090 is needed to open further topside potential.

    While under these resistance levels a breakdown through 1.0820 should allow a re-test of the recent range lows at 1.0710. Long-term our bias is for an eventual new low below 1.0450 before we look for a more significant base to develop.”
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