EUR/USD: technical breaks will either reinforce or weaken the current bearish configuration (Lloyds Bank)

The EUR/USD bias remains bearish according to the Lloyds Bank, but some thresholds will need to be monitored to strengthen or put a hold on this sentiment.

"Our main bias is for a decline of the EUR/USD towards the 1.15 zone, which is part of a consolidation phase since the 1.2090 peak recorded last month.

However, the EUR/USD remains locked into the 1.1670/1.1880 range for the time being. A break through this resistance level could generate a stronger rebound towards the 1.1950/1.20 area, where we will look for signs that a top is developing.

A break below the support level at 1.1740/15 and then 1.1670 would be more directly bearish."