EUR/USD - corrective rebound, 1.1190 resistance
A timely note on euro via Lloyds (not from overnight), with a good level call:
- Rebounds remain corrective in nature
- holding under 1.1190 resistance
- bias remains for the market to set a new low below 1.1115
- current "falling wedge" … since last September
- new lows have been followed by a decent rebound
- Overall, while prices are within our long-term 1.1200-1.0800 basing region, we still have little evidence of a base developing. A rally back through 1.1265, then 1.1315 would be a start, but 1.1450 and 1.1570 are further important hurdles in that process to confirm a shift back towards the 1.1750-1.1850 key range highs.