EUR/USD: Defending 1.0610 crucial for averting a deeper pullback – SocGen

EUR/USD staged a steady bounce after defending 100-DMA at 1.0520 (now at 1.0610) but the move faltered near 1.0910. The pair must hold above this Moving Average to avoid a deeper pullback, economists at Société Générale report.

Uptrend could extend towards 1.1040/1.1080 on a break past 1.0910

“Daily MACD has entered positive territory pointing towards prevalence of upward momentum.”

“If the pair establishes itself above 1.0910, the uptrend could extend towards recent peak of 1.1040/1.1080.”

“Defending the MA at 1.0610 would be crucial for averting a deeper pullback.”