EUR/USD will head for 1.1040/90 if it breaks above the 1.0940 resistance — SocGen

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The EUR/USD it is approaching 1.0940 which is the next potential hurdle. A break above this level would open the next projections at 1.1040/1.1080, they report Société Générale economists.

The recent low near 1.0480 could serve as support

“The pair has restored past the Dec 200 DMA and is approaching 1.0940, the 50% retracement since 2021. This is tentative resistance. An initial pullback is not ruled out, however, the recent low near of 1.0480 could provide support.”

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“The chart level at 1.0220/1.0200 should now be an important level should a deeper pullback materialize.”

“If EUR/USD breaks resistance near 1.0940, the bounce could persist towards the next projections at 1.1040/1.1080.”

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Source: Fx Street

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