EUR/USD extends uptrend after channel breakout – Société Générale
Source Fxstreet
EUR/USD has broken above the upper boundary of a descending channel, extending its upward momentum while holding support at 1.1550, Société Générale's FX analysts note.
Momentum pushes EUR/USD toward 1.1730
"EUR/USD recently defended the ascending trend line established since August and gradually crossed the upper boundary of a descending channel. The upward momentum is extending following this breakout."
"The recent pivot low at 1.1550 acts as a short-term support. Defense of this could result in continuation of up move towards 1.1730, followed by the upper limit of its multi-month range near 1.1800/1.1830, which could be an important resistance zone."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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