The EUR/USD it is approaching the next resistance zone of 1.0630/1.0690. Failure to break above this zone could lead to a short-term pullback, report economists at Societe Generale.
The bounce is likely to persist
“EUR/USD has broken above the brief consolidation since mid-November, this cross shows that the bounce is likely to persist.”
“The pair is gradually approaching the next potential resistance zone at 1.0630/1.0690, which represents the projections, the March 2020 low and the descending trend line connecting the June 2021 and February 2022 highs. In case Should the upside falter near this hurdle, a short-term pullback is not ruled out.”
“EUR/USD has recently recovered its 200 DMA and ideally this Moving Average (1.0365) should provide support in the event of a pullback. Failure may lead to revisiting the lower end of the recent consolidation zone near of 1.0220″.
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.
