EUR/USD likely to move toward 1.08 - 1.0750 - Lloyds  Bank

Analysts from Lloyds Bank point out that the EUR/USD  pair is biased toward a test of the 1.1020 support and below here it could drop toward 1.08 - 1.0750.

Key Quotes:

“Given the volatility across G10 FX, EURUSD is obdurately trapped within its well-defined range, between support at 1.1020 (then 1.0910) and resistance at 1.1150-1.1200. Our bias is still for an eventual test and breakdown through support, opening a move towards 1.08-1.0750. A rally through 1.1200 would suggest that this view is wrong in the near term, and would threaten a re-test of recent highs in the 1.1420/30 region.”

“Longer term we are becoming wary that 1.0450-1.17 range is developing as a “flag” consolidation ahead of a test of key long-term support in the 1.00-0.99 region. We are monitoring this for greater clarity and confidence in this view.”