The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.
EUR/USD downside expected
EUR/USD has been trading sideways following on from Monday’s sell-off. We are yet to see any sign this is over and thus a break and hourly close through $1.0990 would be required to signal a possible next leg lower. Below this, the $1.0967 support level would be crucial to any further losses.
Given the recent downtrend and the gradual lower highs coming into play, a break lower seems most likely, yet until we see that occur, consolidation is likely to resume.