From technical analysis at Société Générale, a look at EUR/USD
It hit their upside target last week (they were looking for 1.1875)
SG now looking for possibility of initial retracement
Short-term levels they highlight:
Support (1st, 2nd, 3rd)
- 1.1725
- 1.1645
- 1.1610
Resistance
- 1.1925
- 1.1975
- 1.2043
More:
EUR/USD has pierced above a multiyear descending channel limit (1.1460) and in the process it has also confirmed a massive double bottom pattern visible on line chart.
It has achieved our target of 1.1875 consisting of 2010 lows.
In case of persistent bullish momentum, 2012 lows of 1.2043 will be next key hurdle. 1.1460 will be pivotal support