Lloyds on EUR/USD - outlook, support, resistance
A quick chart and a few words via Lloyds morning note (Tuesday) re the euro
- Drove higher into year-end, briefly spiking above 1.1980/1.2010 resistance
- Short-term momentum is in overbought territory, suggesting scope for a further extension could be limited.
- Key medium term resistance remains in the 1.21-1.23 region.
- We see ongoing range trading as most likely for the time being, with a decline back through 1.1910-1.1880 adding conviction to that view.
- The lower bound of the medium-term range is currently in the 1.15-1.14 support region
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