Bloomberg News

Buy Euro Targeting 7% Gain on ‘Trend Exhaustion,’ Lloyds Says

July 05, 2012

Investors should buy the euro at current levels and bet for it to strengthen versus the dollar, according to Lloyds Banking Group Plc.

Traders should target an appreciation to $1.3241 and end the trade if the shared currency falls to $1.2192, Tim McCullough, a technical strategist at Lloyds, wrote in a note to clients today. The euro declined 1.1 percent to $1.2388 at 12:01 p.m. in New York.

The euro’s decline from $1.3487 is at an end amid signals of trend exhaustion, wrote McCullough.

To contact the reporter on this story: Allison Bennett in New York at abennett23@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net


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