EUR/USD to extend its move downward to the 1.1380 mark – SocGen

EUR/USD has cracked 1.1495. Next support is located at 1.1450 but pair could extend its decline as low as 1.1380, according to economists at Société Générale.

Downward momentum regaining

“EUR/USD decline looks set to extend as the pair has violated the lower band of recent consolidation. Next potential support levels are located at 1.1450 representing the monthly Ichimoku cloud and 1.1380.”

“Short-term upside could remain contained at 1.1700.”