EUR/USD: the current euro rally is merely corrective and could soon reverse (Lloyds Bank)

Lloyds Bank believes that the rise of the EUR/USD on the forex remains corrective at this point.

"With the general decline of the dollar, the EUR/USD recorded a solid rebound from 1.0570. At this point, we still believe the rise is corrective, and the 1.0740/1.0800 area is ideal for setting a high point that is lower than the previous one. A fall below 1.0580/1.0500 would pave the way towards the bottom of the range at 1.0400/1.0350.

A rise above 1.0800/1.0900 would cancel this scenario and suggest a new bullish dynamic."