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 begins to show tentative signs of strength
EUR/USD is gaining ground this morning, following a failed attempt to break to a new low yesterday evening. This failure to create a new low could be important, with the pair closing above trendline resistance for the first time since its inception on Monday.
The key to any recovery is the ability to post a closed hourly candle above $1.1410. Should that occur, resistance levels of $1.1465, $1.1481 and $1.1529 would come into view. However, the inability to break $1.1410 would point towards another leg lower towards the $1.1357 and $1.1339 support levels.