EUR/CZK to resume downtrend on failure to defend 23.58/23.53 – SocGen
|EUR/CZK erased gains of the past two days yesterday. A break below 23.58/23.53 would open up 23.35, then 23.00/22.88, analysts at Société Générale report.
Initial resistance seen at 23.85
“Lower band of this range at 23.58/23.53 which is also the 76.4% retracement of recent bounce is important support. If the pair fails to defend this, resumption in downtrend is not ruled out. In such a scenario, next potential objectives are likely to be at the low formed earlier this month near 23.35 and 23.00/22.88.”
“Upper end of range at 23.85 is first resistance.”
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