This information has been prepared by IG, a trading name of IG Australia Pty 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 tumbles from key trendline resistance
EUR/USD managed to fall sharply yesterday, amid a burgeoning fiscal crisis in France.
Interestingly, we saw the price respect the descending trendline that seemed to be negated on Friday. This has taken us into trendline and horizontal support, with the price currently consolidating marginally above the notable $1.1305 level. A break below that support level would provide a bearish outlook going forward. However, until broken, there is a chance we could rebound from here to continue the consolidation that has been in play over recent weeks.
.jpg)
