EUR/USD: Levels for consolidation, resistance, support, & target for year end

Euro chart and technical analysis via Lloyds, what say ForexLive traders?

• We remain trapped in a tight consolidation between 1.1820 support and the 1.1980 reaction high from last week.
• Overall we believe that the 1.20-1.23 area will cap this year's rally for a correction back towards 1.16-1.15 support.
• A move through 1.1980 would suggest another test into this resistance region, while a break of 1.1820 and then more important trend support at 1.1755/45 would confirm the broader correction is underway.
• 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.