EUR/USD breaks key support, downtrend accelerates – Société Générale
EUR/USD has shifted into a clear downtrend after failing to hold above 1.1830 and breaking below its multi-month trend line. Renewed momentum to the downside is confirmed by a bearish MACD crossover and a breach of the 50-DMA, putting 1.1340 and 1.1200 in focus as key support levels, Société Générale's FX analysts note.
Next supports eyed at 1.1340 and 1.1200 after trend break
"EUR/USD encountered strong resistance near 1.1830 in the first week of July, subsequently breaking a multi-month trend line. The pair has since established a series of lower highs and lows and recently dipped below the 50-DMA for the first time since February."
"The daily MACD has crossed below its equilibrium line, signalling renewed downward momentum. Failure to reclaim the MA at 1.1570 could lead to further declines, with next support levels at projection of 1.1340 and the September 2024 peak near 1.1200."
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