EUR/USD: Ranging – Investors are reluctant to drive EUR/USD strongly in either direction. Price emerged briefly through 1.2960 though is still lacking follow through. We are revising the resistance we are monitoring to 1.2975 as the market oscillates between this level and the 200-day average at 1.2823 (holding firm on a closing basis). Our view is short term neutral, though in the coming weeks we expect choppy gains back towards the September peak at 1.3175, potentially 1.3285, before we can look for a more important top.
Click here to read the full report: Technical Research
Barclays Capital