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 rebounds from key support
Yesterday saw EUR/USD fall back to the $1.0563 support level, only to rally higher once more. This remains a period of uncertainty, where an hourly close above $1.0686 would provide a bullish signal, whereas a break below $1.0563 would point towards further losses for the pair.
Given the recent downfall of EUR/USD, further losses are certainly a strong possibility. However, some form of retracement could be sizeable given the deterioration in recent weeks.
As such, it makes sense to await a break through resistance or support to provide greater clarity of the next move.