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.
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The EUR/USD pair trades in negative territory around 1.1615 during the early Asian session on Monday. The Euro (EUR) extends the decline as the prolonged US-Iran conflict weighs on the riskier assets.
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