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 fails to retake highs
EUR/USD is turning lower this morning, following on from a failed bid to rally up towards $1.1218. The lower high created this morning provided a bearish signal and we are selling off in response. As such, further downside seems likely, with $1.1086 the next support level of note.
Ultimately, the $1.1059 level is the most important as this capped any upside over the month prior to last week’s breakout. Thus should this downside persist, we would be looking towards $1.1086 and $1.1059 as important levels to cap any negative move.
A more bullish view would come back into play with a break and closed hourly candle through $1.1193.