EUR/USD has staged a steady bounce after making a major low near 0.9535 last September. The move has stalled at a multi-year uptrend line resistance point near 1.1070/1.1100. The economists of Societe Generale analyze the technical prospects of the pair.
1.0570/1.0510, a crucial support zone
A retest of the upper range limit near 1.1070/1.1100 cannot be ruled out. However, the next leg of the uptrend will only be confirmed when the pair breaks above this zone..
Beyond 1.1100, other potential hurdles lie at 1.1270, the 61.8% retracement since 2021 and the 1.1450/1.1495 chart levels, which represent the March 2020/Feb 2022 highs.
In the event of a short-term move lower, the lower end of the recent consolidation phase near 1.0570/1.0510 would be a crucial support area.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
