EUR/USD is Undergoing Broad Consolidation - SocGen
Research Team at Societe Generale, suggests that after testing key
levels 1.06/1.05 last year, EUR/USD is undergoing broad consolidation.
Key Quotes
“After forming spinning top at important hurdle of 1.1460, EUR/USD is
undergoing a retracement. Daily stochastic has pulled back after testing
a ceiling and has given a negative crossover pointing towards limited
upside. Very short term, a rebound is likely however 1.1380/1.1410 will
be an immediate resistance. Eventually a retracement towards 1.1270 and
even towards recent lows of 1.1150 looks probable.
1.05 will decide about next leg of down cycle. Short term, the pair is
developing a sub-range within the broader consolidation and is retracing
from the upper limit at 1.1460. This is likely to be an important
hurdle near term.”
