EUR/USD: Consolidation at current levels likely to continue – Lloyds

By FXStreet 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.

Key Quotes:

“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.”
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Source:: FX Street