Home Forex EUR/USD could reach 1.0630/90 on break below 1.0480 – SocGen

EUR/USD could reach 1.0630/90 on break below 1.0480 – SocGen

by SuperiorInvest

EUR/USD it is gaining strength above the 200-day moving average (DMA) at 1.0393. Analysts at Société Générale expect the pair to target 1.0630/90 and move above the 1.0480 mark.

The weekly low at 1.0220 provides support

“EUR/USD is attempting to break above the 200 DMA, suggesting the possibility of a continuation of the rebound.”

“Beyond 1.0480, there are other potential obstacles at the 1.0570 and 1.0630/1.0690 projections.”

“The low formed this week at 1.0220 is short-term support.”

See: EUR/USD may extend its recovery to 1.0500/1.0550 in the near term – ING

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