EUR/CZK to extend the rebound towards March high of 24.10 on a break past 23.80 – SocGen

FXStreet Insights Team FXStreet

Economists at Société Générale analyze EUR/CZK technical outlook.

50-DMA near 23.50 is near term support

EUR/CZK has formed a series of higher peaks and troughs after carving out a low near 23.20 in April. It has evolved within a small base and is now challenging a multi month descending trend line.

Daily MACD is anchored within positive territory denoting prevalence of upward momentum.

Once a break above the upper limit of the base near 23.80 materializes, EUR/CZK is likely to extend the rebound towards March high of 24.10.

The 50-DMA near 23.50 is near term support.

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FXStreet Insights Team

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