EUR/USD: Risks of a move not only to 1.17 but to 1.23 – Lloyds Bank

By FXStreet According to analysts from Lloyds Bank, EUR/USD made an important technical break to the upside and will remain with bullish momentum as long as it holds above 1.1380/1.1430.

Key Quotes:

“Aligned with general USD weakness, the EUR has now cleared important technical resistance in the 1.14-1.1465 region. This is a major break, as previously any moves to the 1.14 region have been quickly thwarted.”

“A move back through 1.1430/1.1380 is the first sign needed to negate the current bullish momentum in place and suggest another false break to the upside.”

“As we have noted in our medium term comments, a break of the 1.1465 region would risk not only a move to the 1.17 region – tested on the back of the Chinese devaluation in August 2015 – but potentially a move towards 1.20-1.23. The key resistance levels to watch are 1.17-1.1810 followed by 1.1925/1.20 then 1.2300.”
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Source:: FX Street