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EUR/USD: INABILITY TO CROSS 1.0835 CAN LEAD TO CONTINUATION IN DECLINE – SOCGEN

hagijeee
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EUR/USD is heavy around 1.0730. Economists at Société Générale analyze the pair’s outlook.

Next support is 1.0710/1.0695

EUR/USD has staged a steady pullback after forming a lower peak near 1.0980 last month. It has failed to defend 50-DMA resulting in deeper decline. 

Daily MACD has dipped within negative territory highlighting lack of steady upward momentum. 

Inability to cross the MA at 1.0835 can lead to continuation in decline towards February low of 1.0710/1.0695 and perhaps even towards 1.0610, the 76.4% retracement from last October.

 


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