EUR/USD resistance is looming. I just noticed this technical analysis from Société Générale overnight
- In an accelerated up trend, EUR/USD is now probing the 100 week MA and more importantly it is closing in on our advocated target of 1.1875 which corresponds to the lows of 2012 and a projection for the ongoing move.
(Note - not just closing in, its now hit there)
SG go on:
- It is tentatively piercing above a steep daily upward channel however the move now appears to be a bit overstretched as both weekly and daily indicators are at their respective resistance levels.
- In case of persistent bullish momentum, next objective will be near 2012 lows of 1.2043. 1.1760 is an immediate support while previous highs of 1.1714/1.1675 should cushion short term downside. Down sloping channel drawn since 2015 at 1.1490/60, also the 23.6% retracement from January will be a medium term support
More:
