EUR/USD: euro is moving towards 1.15 but this move won't be a direct one (Lloyds Bank)

Lloyds Bank is still expecting the EUR/USD to drop down to 1.15, but this may still take a little while.

"Our bias is still for a decline down to 1.15, and Monday's price action contributed to this view.

As long as we stay under the tunnel and the Fibonacci resistance at 1.1860/80, we favour a move towards the support area at 1.1730/1.1670. A break here would pave the way towards 1.1580, ahead of the psychological threshold at 1.15.

A move above 1.1880 would suggest that there is potential for a wider movement towards 1.1950/1.2000, where we will look for signs of a top formation."