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 continues to retrace upwards
EUR/USD is breaking through the $1.1750 resistance level as the market continues to regain ground in the wake of the recent declines.
This upside is likely to persist over the short term, with the price expected to push towards the 61.8% and 76.4% resistance zone in the near future. However, there is also a chance that we will see a wider retracement should the price manage to break above $1.1998. Until then, a short-term bullish outlook remains in play, with an hourly close above $1.1750 pointing towards a continuation of this morning’s strength.