EUR/USD is rebounding towards its 50-day shifting common, however resistance close to 1.18 may cap good points, leaving the pair weak to a pullback towards 1.1525 or decrease, Société Générale’s FX analysts be aware.
Resistance close to 1.18 Might cap Euro’s restoration
“EUR/USD is trying to reclaim the 50-day shifting common after establishing an interim low close to 1.1390 earlier this month. The current pivot excessive at 1.1790/1.1830 might function resistance to the present rebound. If the advance stalls beneath this space, a short-term pullback is probably going.”
“Final week’s low at 1.1525 stays an necessary help for sustaining the uptrend. A break beneath 1.1525 may lengthen the decline, with subsequent targets at 1.1390 and the September 2024 excessive close to 1.1200.”
