EUR/USD: the euro is heading for a larger corrective phase (Lloyds Bank)

Lloyds Bank believes that the EUR/USD could continue its bearish correction on the forex.

"We still believe that the 1.20-1.23 area is a solid zone of medium-term resistance and we expect a decline.

The support levels we are monitoring in this regard are in the 1.1950 zone, with one here paving the way for a test of the more significant trend line threshold at 1.1800.

A break below would confirm a wider correction with ideal targets located at 1.16-1.15."