EURUSD: Still trapped in a range – Lloyds Bank

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.”

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.

(Market News Provided by FXstreet)