EUR/CZK to extend its decline to 24.75 on a break below 25.00 – SocGen
|EUR/CZK has regained downward momentum. The pair is set to challenge the 25.12/00 support zone and a break below here would open up 24.75, economists at Société Générale report.
Critical support is seen at 25.12/25.00
“EUR/CZK is drifting towards potential support of 25.12/25.00 representing the lower limit of a descending channel drawn since last year. This could act as an interim trough, however, signals of a meaningful rebound are still not visible.”
“A break above recent peak at 25.75 will be essential for affirming an extended up-move.”
“Below 25.00, next significant level could be at low of 2020 near 24.75.”
See: EUR/CZK looks for further downside to the 24.80 mark – Credit Suisse
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