EUR/USD: the rally seems limited and a bearish correction is still not in place (Lloyds Bank)

Lloyds Bank believes that the EUR/USD is not likely to climb much higher and may soon start to correct.

"The EUR/USD is again approaching strong resistance in the 1.2100-1.2300 area. We continue to consider this as the top of a mid-term range, and as such, we think the climb will be limited.

A decline below support at 1.1940-1.1880 would reinforce the idea that a top is in place, prior to a move towards the bottom of the range towards 1.15-1.14."