EUR/USD: Weekly MACD Still Below Resistance Line - SocGen

EUR/USD weekly MACD indicator is still below a resistance line which suggests upside is limited, notes SocGen.

"The pair has achieved an initial target at 1.1010/85, i.e. September lows.

With the daily stochastic close to a resistance line, the flag limit at 1.1270 should cap upside.

1.08 will be a short-term support while 1.05/1.04 will determine whether the extended downtrend takes shape," SocGen adds.