EUR/USD: Still biased for a test of 1.0910 - Lloyds  Bank

Analysts from Lloyds Bank remain biased for a move lower in the EUR/USD  pair, toward a possible test of the 1.0910 support.

Key Quotes:

“EURUSD continues to oscillate around 1.10. We remain biased for a move lower. A breakdown through support at 1.0910 would confirm the sideways process of the last few weeks has been a consolidation ahead of a decline to lower support levels in the 1.08-1.0750 region.”

“A rally back through the 200dma and pivot resistance in the 1.1050/80 area would suggest we are still in the current range process. A move through 1.1160/90 is needed to re-expose the 1.1420/30 broader range highs.”   

“Longer term we are becoming wary that 1.0450-1.17 range is developing as a “flag” consolidation ahead of a test of key long-term support in the 1.00-0.99 region.”