EUR/USD to test the 1.0630/1.0690 resistance zone – SocGen

EUR/USD is extending its bounce. The pair could enjoy further gains on a move beyond the 1.0630/1.0690 region, economists at Société Générale report.

Graphical levels of 1.0000/0.9930 should be an important support

“A test of projections at 1.0630/1.0690, which is also the low of March 2020 and the descending trend line connecting highs of June 2021 and February 2022, is expected. This is likely to act as an interim resistance zone. In case the up-move falters near this hurdle, a short-term pullback is expected to materialise.”

“Graphical levels of 1.0000/0.9930 should be an important support zone. Failure to defend this could mean renewed downward momentum.”