EURUSD is still grinding higher – Lloyds Bank

Research Team at Lloyds Bank, suggests that EURUSD is still grinding higher from 1.1240 support, driven by general USD weakness.

Key Quotes

“We still view this as corrective against last week’s reversal from 1.1465 key resistance. 1.1325-1.1375 is the resistance window in this regard, with a break down through 1.1240 the ideal confirmation of our bearish view, opening a move back towards the 1.0950 to 1.08 support zone.

Medium term we remain trapped in a 1.0450 – 1.1465 range and expect this range to remain intact for now. But a clear break of 1.1465 risks not only a re-test of last August’s spike high to 1.17, but potentially a move towards 1.20-1.23 before trying to develop a top as part of an expanding range.”