EUR/USD recovers to 1.11. Economists at Société Générale analyze the pair’s technical outlook.
Phase of decline could extend on failure to defend 1.1000/1.0970
A bounce is underway; 1.1180, the 61.8% retracement of the recent pullback is the first resistance. Cross above this hurdle would be essential to affirm a retest of previous highs.
In case the pair fails to defend 1.1000/1.0970, the phase of decline could extend towards a multi-month trend line near 1.0880 and 1.0785.
See – EUR/USD: 1.1150 looks good intra-day resistance – ING
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