Research Team at Societe Generale, suggests that after achieving the upper limit of an ascending channel earlier this month, EUR/USD has been showing a retracement.
Key Quotes
“Weekly indicator is close to a resistance which suggests ongoing rebound since December seems to be running out of steam and upside is likely to remain capped. Currently the pair is close to January highs of 1.10/1.0950 which also corresponds with the 61.8% retracement from mid-January lows and the lower limit of aforementioned channel within which the recovery has evolved.
More importantly this is the 20 week EMA and the weekly descending trend. With daily RSI breaching a support line, continuation in correction can’t be ruled out. A violation of 1.10/1.0950 will confirm a retest of late January lows at 1.08. 1.1150 will be an immediate resistance.”
(Market News Provided by FXstreet)
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