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- EUR/USD to see one more down leg on failure to surpass 1.0860/1.0900 – SocGen
EUR/USD to see one more down leg on failure to surpass 1.0860/1.0900 – SocGen
Economists at Société Générale analyze EUR/USD technical outlook.
Upside capped at 1.0860/1.0900
The pair has formed an interim trough near 1.0630. An initial bounce is underway, however, it would be interesting to see if it can reclaim 1.0860/1.0900, the 61.8% retracement of the down move. Failure could mean possibility of one more down leg.
Next important support zone is located at 1.0510/1.0480 representing low of March and the 200-DMA. In case the pair fails to defend it, there would be risk of a larger downtrend.
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