EUR/USD to increase its race increased if overcomes resistance close to 1.0940 – SocGen

EUR/USD is quick approaching 1.0940 which could possibly be subsequent potential hurdle. Above right here, the rebound may persist in the direction of 1.1040/1.1080, economists at Société Générale report.

Subsequent potential hurdles at 1.0940 and 1.1040/1.1080

“The pair has re-established itself past the 200DMA in December and is approaching 1.0940, the 50% retracement from 2021. That is an interim resistance.”

“An preliminary pullback is just not dominated out nonetheless latest trough close to 1.0480 may present assist. The MA at 1.0300/1.0220 ought to now be an necessary stage in case a deeper pullback materializes.”

“If EUR/USD overcomes the resistance close to 1.0940, the rebound may persist in the direction of subsequent projections at 1.1040/1.1080.”