EUR/USD stalls below key trendline at 1.1740 – Société Générale
|EUR/USD remains rangebound, oscillating around its 50-day moving average and capped by a multi-month descending trendline at 1.1740. A decisive break below last week’s low at 1.1580 would expose deeper retracement targets at 1.1525 and 1.1465, Société Générale's FX analysts note.
50-DMA crisscrossing signals lack of momentum
"EUR/USD has recently evolved within a narrow range, with crisscross movements around the 50-day moving average indicating a lack of clear directional momentum. It has so far struggled to overcome a multi-month descending trend line (1.1740)."
"Last week’s trough at 1.1580 is key support. In case this is breached, EUR/USD may undergo a deeper pullback towards 1.1525, the 61.8% retracement of recent bounce and 1.1465."
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.