EUR/USD eyes resistance at 1.1830 – Societe Generale

FXStreet Insights Team FXStreet

EUR/USD is recovering after finding support near 1.1555, but the pair faces a key test at 1.1830. A failure to break above this resistance could trigger a period of consolidation, Societe Generale's FX analysts report.

Euro rebounds, but momentum remains fragile

"EUR/USD breached the multi-month ascending trend line earlier this month however the downward momentum has failed to regain. The pair has carved out an interim trough at 1.1555, which is now also the 50-DMA."

"A gradual rebound has materialized after this test. EUR/USD is inching towards recent pivot high of 1.1830. It will be interesting to see if it can establish beyond this hurdle. Inability to cross 1.1830 could result in a consolidation phase. The low achieved earlier in July at 1.1555 is key support."

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FXStreet Insights Team

FXStreet

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