More on EUR/USD technical analysis, this time from Société Générale
(via eFX again)
They note that from a short-term perspective, EUR/USD breached the up sloping channel (blue dash line) on the lower side but for now this break has not been accompanied by an increase in bearish momentum as daily RSI still sustains it (blue line).
"Thus, near term price action could remain unsettled and range-bound between 1.0950, the recent lows and 1.1140/1.12, the resistance line in force since mid-June," SocGen projects.
"It will take a definite break below 1.08, the Double Top confirmation level and the 61.8% retracement of the up move to prompt compelling bearish signals," SocGen adds.
