EUR/CZK to slide towards 25.16 on a break below 25.35 – SocGen
|EUR/CZK failed to overcome the upper limit of a multi month descending channel near 25.75 resulting in retraction of recent gains – it has recently drifted towards 25.35. A break below here would open up the lower band of the channel at 25.16, analysts at Société Générale report.
Pullback to linger while below 25.52
“An initial bounce is under way, however, holding below 25.52, the 38.2% retracement of recent down move, the pullback is expected to persist.”
“In case last week low near 25.35 breaks, there would be a risk of deeper down move towards the lower band of the channel at 25.16.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.