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    EUR/USD: Decline could persist towards December low of 1.0725/1.0700 – SocGen

    Source Fxstreet
    Jan 30, 2024 10:51

    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.
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