EUR/USD: Decline could persist towards December low of 1.0725/1.0700 – SocGen
Source Fxstreet
EUR/USD recovers from below 1.0800 Economists at Société Générale analyze the pair’s technical outlook.
Failure to overcome 1.0930 can cause pullback to extend
EUR/USD has experienced a steady pullback after failing to reclaim interim resistance zone near the graphical levels of 1.1100/1.1150 representing highs of April / May 2023.
The price action has remained within 50-DMA and 200-DMA recently and the MAs are having flattish slope denoting lack of clear direction.
A bounce can’t be ruled out however recent pivot high at 1.0930 could be first resistance.
In case the pair fails to cross 1.0930, the decline could persist towards December low of 1.0725/1.0700.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Gold price (XAU/USD) is down 0.8% to near $4,140 during the European trading session on Monday. The precious metal faces selling pressure as the three-day rally hits a pause after failing to extend above $4,202.
WTI Crude Oil Price Forecast: OPEC Production Increase Combined With Hormuz Strait Navigation May Drag Prices Down to $60.As of the Asian session on July 6, WTI ( USOIL) crude oil prices extended last Friday's rebound during intraday trading, peaking at $69.26 before consolidating around $68.60. From a techn
As of the Asian session on July 6, WTI ( USOIL) crude oil prices extended last Friday's rebound during intraday trading, peaking at $69.26 before consolidating around $68.60. From a techn
The USD/JPY pair builds on its goodish recovery from the 160.50-160.45 region, or over a two-week low touched on Friday, and gains strong follow-through traction for the second straight day on Monday.
TradingKey Daily Market Briefing: OPEC+ Continues Output Boost, Oil Prices Under Pressure, Gold Rebounds, Bitcoin Stands Above $63,000Tracking Market TrendsTradingKey - On July 6, pre-market Eastern Time, as the US stock market was closed last Friday for the Independence Day holiday, investors turned more to commodities, foreign exc
Tracking Market TrendsTradingKey - On July 6, pre-market Eastern Time, as the US stock market was closed last Friday for the Independence Day holiday, investors turned more to commodities, foreign exc
As of the Asian session on July 3, gold prices ( XAUUSD) extended yesterday's rally, climbing to an intraday high of $4,195.52. Looking at the charts, gold has gained over $100 in total s
Related Instrument
