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9 Feb 2016
EURUSD: Contracting range between 1.0450 and 1.17 – Lloyds Bank
Research Team at Lloyds Bank, suggests that intra-day swings in EURUSD are violent in this very low liquidity environment.
Key Quotes
“Right now the EUR is under a little pressure from the 1.1245 highs set yesterday after seeing much weaker than expected industrial production. If equity markets stabilise we could see a grind back towards support in the 1.11-1.1055 region, but while that area holds the bias is still for a move towards stronger resistance at 1.1270, 1.1350 and 1.1465, before looking for signs of a more meaningful top to develop.
A breakdown through 1.1050 and then 1.0970 would suggest that a lower high within the broader range is already in place. Medium term we expect the contracting range between 1.0450 and 1.17 to continue through Q1 and potentially Q2.”
Key Quotes
“Right now the EUR is under a little pressure from the 1.1245 highs set yesterday after seeing much weaker than expected industrial production. If equity markets stabilise we could see a grind back towards support in the 1.11-1.1055 region, but while that area holds the bias is still for a move towards stronger resistance at 1.1270, 1.1350 and 1.1465, before looking for signs of a more meaningful top to develop.
A breakdown through 1.1050 and then 1.0970 would suggest that a lower high within the broader range is already in place. Medium term we expect the contracting range between 1.0450 and 1.17 to continue through Q1 and potentially Q2.”