logo-lloyds-bank-print-horizontalAfter OPEC did come to an agreement in the end – oil prices have rallied back to range highs, pulling inflation expectations with them – the markets focus will shift back towards the key data over the coming days.

While we remain in a short-term range, yesterday’s dip to 1.0550 has quickly reversed. European data continues to be robust, which, if it is again the case today, we have supportive technical evidence for a move back to test the 1.0650-1.0690 range highs. 1.0750-1.0820 is key daily trend resistance above there.

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A clear move through these levels would suggest long-term range support (1.0525-1.0450) has again held and would risk a broader bounce into the FOMC meeting, towards the 1.1050-1.1200 region. We would still view such a move as corrective ahead of an eventual breakdown through 1.0450, opening 1.0250 and then the 1.01-0.99 key long-term support region.eurusddaily

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