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 retraces within uptrend
EUR/USD is pulling back this morning, following a clear uptrend in play over the past four trading days. The resistance points of note are at $1.1012 and $1.1060, which remains relatively far away from current price.
Thus further upside is deemed likely for now, with a bullish signal found through a close of a 15 or 30 minute candle above $1.0947.
Ultimately, a bullish reversal is preferred unless we see an hourly close back below $1.0904, which would provide a big question mark over this rally. Support levels of note are found at $1.0883 and $1.0848.