EUR/USD stalls below key trendline at 1.1740 – Société Générale
Source Fxstreet
EUR/USD remains rangebound, oscillating around its 50-day moving average and capped by a multi-month descending trendline at 1.1740. A decisive break below last week’s low at 1.1580 would expose deeper retracement targets at 1.1525 and 1.1465, Société Générale's FX analysts note.
50-DMA crisscrossing signals lack of momentum
"EUR/USD has recently evolved within a narrow range, with crisscross movements around the 50-day moving average indicating a lack of clear directional momentum. It has so far struggled to overcome a multi-month descending trend line (1.1740)."
"Last week’s trough at 1.1580 is key support. In case this is breached, EUR/USD may undergo a deeper pullback towards 1.1525, the 61.8% retracement of recent bounce and 1.1465."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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