EUR/USD to see one more down leg on failure to surpass 1.0860/1.0900 – SocGen EURUSD Technical Analysis Banks
The pair has formed an interim trough near 1.0630. An initial bounce is underway, however, it would be interesting to see if it can reclaim 1.0860/1.0900, the 61.8% retracement of the down move. Failure could mean possibility of one more down leg.
Next important support zone is located at 1.0510/1.0480 representing low of March and the 200-DMA. In case the pair fails to defend it, there would be risk of a larger downtrend.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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