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 rallying from horizontal support
EUR/USD has started to gain ground from the $1.1724 support level, which represents the highs from the beginning of last week.
With a clear uptrend in play over recent weeks, the weakness we have seen since Friday’s peak of $1.1803 is likely to start fading. As such, while further short-term downside is possible, it is worthwhile noting that it is likely to be temporary, and thus a bullish outlook remains in play unless the price falls below $1.1650.