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- EUR/USD: Defending 1.1700 is key to see a rebound towards 1.1835 - SocGen
EUR/USD: Defending 1.1700 is key to see a rebound towards 1.1835 - SocGen
FXStreet reports that economists at Société Générale suggest that EUR/USD may have a chance to rebound towards the 1.1835 mark.
“EUR/USD has retested the low of March at 1.1700 where it has formed a Bullish Engulfing candlestick. The pattern denotes possibility of an initial rebound towards 1.1835, the 23.6% retracement from May.”
“Recent peak of 1.1900 could be an important resistance near-term.”
“Defending 1.1700 would be crucial to avert continuation in decline. Should this break, next potential objectives are likely to be at 1.1640 and September/November 2020 levels of 1.1610.”
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