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. See full non-independent research disclaimer and quarterly summary.
EUR/USD hits seven-month low
The resurgence in EUR/USD was short-lived, with Friday seeing the bears return once more to push the EUR/USD back down towards the seven-month low that has been hit early this morning. The downtrend is clearly back in play, and thus the drift higher we are seeing currently is likely to be short term before we see the price sell off once more. The next major support zone comprises of the March and April lows of $1.052 and $1.0462. However, in the meanwhile this move higher could find resistance at $1.0640 or $1.0667. This bearish view holds unless the price closes above $1.0708.