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 showing signs of a resurgence
EUR/USD managed to break into a new intraday high yesterday, with the subsequent pullback forming a bullish wedge. With the price now breaking through the top end of that wedge, the expectation is that we will see a resurgence for the pair. This conforms to the wider picture of higher lows on the daily four-hour charts.
A break below $1.0620 would negate that trend, yet for now it seems like we could be moving into a more bullish stage. Watch out for $1.0705 or $1.0714 as the key near-term resistance zones.