EUR/USD to target 1.1040/90 on a move beyond resistance at 1.0940 – SocGen

EUR/USD is approaching 1.0940, which is next potential hurdle. A break above here would open up next projections at 1.1040/1.1080, economists at Société Générale report.

Recent trough near 1.0480 could provide support

“The pair has re-established itself beyond the 200DMA in December and is approaching 1.0940, the 50% retracement from 2021. This is an interim resistance. An initial pullback is not ruled out however recent trough near 1.0480 could provide support.”

“Graphical level at 1.0220/1.0200 should now be an important level in case a deeper pullback materializes.”

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