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 consolidating after recent rally
EUR/USD is trading within a triangle formation following on from last week’s French election-fueled rally. The break through $1.0906 provided us with a confirmation of the wider uptrend, and as such even if we did sell off from here, it would look like simply being a correction within that trend.
For a bearish short-term view to come into play, we would need an hourly close below $1.0851. Conversely, an hourly close above $1.0950 would point towards another leg higher within the current uptrend.