- Analytics
- News and Tools
- Market News
- EUR/USD: Break below 1.0800/1.00730 to hasten a retracement toward 1.05 – SocGen
EUR/USD: Break below 1.0800/1.00730 to hasten a retracement toward 1.05 – SocGen
The Euro retreated to the bottom spot in the G10 table after the marked selling on Friday. Economists at Société Générale expect EUR/USD to plummet toward 1.05 on a break under 1.0800/1.0730.
Profit-taking looks tactical
“The realignment of EUR/USD with bond spreads has run its course and hedge funds maintain their long position last week at 22.5% of OI, so the profit-taking looks tactical and does not suggest a more fundamental shift is afoot.”
“We can’t ignore the jeopardy of a deeper pullback of course, especially if US retail sales come in strong tomorrow.”
“Confluence of 100-DMA and the trendline going back to September 2022 near 1.0800/1.0730 is crucial support zone. A break would hasten a retracement towards 1.05.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
