- Analytics
- News and Tools
- Market News
- EUR/USD: Failure to cross 1.0820/1.0870 likely to lead to persistence in downtrend – SocGen
EUR/USD: Failure to cross 1.0820/1.0870 likely to lead to persistence in downtrend – SocGen
EUR/USD has extended its phase of decline. Economists at Société Générale analyze the pair’s technical outlook.
Signals of reversal are not yet visible
EUR/USD has experienced a steady decline within a steep descending channel and has recently reached the lower band at 1.0630/1.0610 which is also the low of June.
Daily MACD is within deep negative territory denoting an overstretched move. However, signals of reversal are not yet visible.
In case a short-term bounce takes shape, the 200-DMA near 1.0820/1.0870 is likely to be an important resistance zone. Failure to cross this MA is likely to lead to persistence in downtrend. Next potential supports are located at 1.0480 and projections of 1.0430/1.0400.
© 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
