The Euro has resurgent since the beginning of the month and continued to accumulate gains last week. The economists of Societe Generale analyze the outlook for EUR/USD.
1.0750 likely to provide support
EUR/USD has recently crossed the upper boundary of a small base, denoting a recovery of bullish momentum. This is also highlighted by the daily MACD which has entered positive territory. Furthermore, the pair has regained the flat zone of the 200-DMA. These signs point to bullish potential.
The pair is approaching 1.0960, the 61.8% decline since July. An initial pullback could occur, although the pivot high near 1.0750 is likely to provide support. Beyond 1.0960, the next hurdle is expected to be at the 1.1065/1.1080 chart levels.
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.
