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 continues to consolidate
EUR/USD is moving higher from the $1.0563 support level once more this morning, with the pair continuing to consolidate. We need to see a break from this range to provide the clues of where the next move will be.
Given the size of the sell-off prior to this range, there is a good chance we could see the market regain some of those losses. However, with a clear downtrend in place there is also a good chance we will see another leg lower.
As such, it makes sense to await a break above $1.0686 or below $1.0525 to gauge the next move. Until then, the range remains relatively consistent and thus could continue to dominate.