EUR/USD to challenge the 1.17 mark on a drop below 1.1745/41 support zone – SocGen

EUR/USD was unable to establish above 1.19 last week. On Monday, the pair is holding steady above 1.1750 but a dip below the 1.1745/1.1741 support area would likely imply a test of the 1.17 level, economists at Société Générale report.

Signals of rebound still not visible

“EUR/USD failed to maintain above short-term Moving Averages and struggled to cross 1.1900 last week. This has resulted in regain of downward momentum bringing the pair once again towards projections of 1.1745/1.1741.”

“Signals of bounce are still not visible.”

“Next support will be at March low of 1.1700.”