This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
EUR/USD breaks through key resistance level
EUR/USD has managed to rally through the $1.1432 swing high this morning, breaking out of the downtrend that has been in play throughout the second half of October.
The rally through $1.1421 and $1.1432 looks to set us up for further upside, with the current shift looking likely to provide a retracement of $1.1622 at least. With that in mind, watch out for further upside, with a drop below $1.1391 required to erode that bullish short-term picture.