The favored profile for EUR/USD had been that rebounds off 2012’s (1.2040) low completed in October. This now appears to be incorrect, argues Australia and New Zealand Banking Group (ANZ). "The forming of a prolonged consolidation off 2008’s high (1.6040) is highlighted in Figure 3. Though more persistent than anticipated current rebounds are still considered to a corrective up-leg within this broader consolidation," ANZ clarifies. "A collection of resistance levels in front of 1.40 should be seen as a pivot zone. A break above 1.40 may raise calls for more aggressive moves (towards the low 1.50’s), but the very ... (full story)