EUR/USD: Failure to hold 1.1260 to trigger a pullback towards recent low of 1.1120 – SocGen

EUR/USD failed to reclaim the peak of January near 1.1485 after which a pullback is underway. The pair is approaching towards 1.1260, the 61.8% retracement of the bounce. A break below here would open up losses to the recent low of 1.1120, economists at Société Générale report.

Immediate hurdles are at 1.1365 and 1.1415

“Daily MACD has been posting positive divergence denoting receding downward momentum.”

“Short-term, failure to hold 1.1260 could result in further pullback towards 1.1210 and recent low of 1.1120.”

“Immediate hurdles are at 1.1365 and 1.1415.”