EUR/USD: Path clear for pullback to the 1.16 level – SocGen

With support in EUR/USD erased at 1.17 following multiple failed attempts since March, the door is unlocked for a pullback to the November 2020 low of 1.1603, in the view of economists at Société Générale.

See – EUR/USD: Fall below 1.1575 to precipitate a dive towards 1.1453 – Commerzbank

Steady downtrend

“EUR/USD has breached March lows near 1.1700 confirming persistence of downward momentum.”

“The pair could drift lower towards projections of 1.1640 and 1.1610.”

“Recent peaks of 1.1910 and 200-DMA near 1.1980/1.2010 will be near-term resistances.”