EUR/USD: Resistance ahead at 1.1420 and then 1.1505 - Lloyds

Analysts from Lloyds Bank explained that the short-term outlook continues to favor the upside in EUR/USD, as long as 1.13 - 1.1225 holds.

Key Quotes:

“Short-term channel support region has again held, with the poor data Friday in the US seeing the USD come under strong selling pressure.”

“Intra-day momentum remains bullish, with 1.1420 then 1.1505 main resistance ahead of the 1.1616 peak last month. A drop back through 1.13 then 1.1225 is needed to alleviate the bull outlook.”

“The reversal from 1.16 suggests we are still in a range environment (that started in March 2015). This should see a very gradual move back towards 1.09/1.08 in the coming quarter or so.”