EUR/USD continues to show volatility. What is the technical outlook for the pair?
Here is their view, courtesy of eFXdata:
SocGen Research discusses EUR/USD technical outlook and notes its unsettled price action as of late.
“EUR/USD challenged the multi year ascending trend line in March but managed to close above it for that month. The pair formed a yearly high in March but quickly gave back those gains and hit a multiyear low. This suggests unsettled price action,” SocGen notes.
“1.1165 is near term resistance. This must be overcome for denoting signals of an extended rebound towards 1.1315 and graphical levels of 1.1497/1.1570.
‘If back to bearish momentum, next objectives will be at 1.0745 and last month trough at 1.0634/1.0590. A higher trough as compared to this low is awaited. Failure to hold above 1.0634/1.0590 can lead to a retest of 2016/2017 levels near 1.0340,” SocGen adds.
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