This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
EUR/USD maintains downtrend
The selling around $1.24 continues last week for EUR/USD, for the second week in a row.
We have seen the downtrend maintain itself, and while the price is oversold on a four-hour chart any rebound that fails to breach $1.24 remains a likely selling opportunity. The price broke $1.2275 this morning, a key support from 9 March, and if this remains broken then $1.2165 comes into play.