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 flag points to further gains
EUR/USD is back on a positive path, rallying heavily this week, with price breaking through the crucial $1.1335 resistance level yesterday. We are seeing a retracement coming into play currently, yet given the shallow slant of this move, it looks more like a continuation flag than anything indicative of something more bearish.
As such, further gains are expected, with $1.1465 the key resistance level to break for yet another higher high. This bullish outlook remains in play unless we see a move below $1.1335 for the short-term view and $1.1059 for the medium-term view.