EURUSD: Strong support on moves below 1.1700 – Lloyds Bank

Analysts at Lloyds Bank suggest that EURUSD prices continue to find strong support on moves below 1.1700 and their key support lies in the 1.1635-1.1600 region.

Key Quotes

“So while over we still believe the current pullbacks from 1.1910 are corrective for a run up to the key 1.20-1.23 medium-term resistance region. CFTC shows longs paring back a little. Down through 1.1600 would start to suggest a more significant top is already in place, with 1.15-1.14 next support below.”

“Long term, we believe 1.0350 was a major low, which completed the cycle from the 1.60 2008 highs. As such, we look for an eventual move back to the main medium-term resistance region between 1.2000 and 1.2350, while long-term targets lie in the 1.30-1.35 zone.”