EUR/USD: Failure to hold 1.0820 to clear the way towards 1.07 – SocGen

EUR/USD is now challenging potential support of 1.0840/1.0820 representing an ascending trend line connecting lows of 2017 and 2020. A break below here would open up additional losses towards 1.07, then 2020 low near 1.0635, economists at Société Générale report. 

Support 1.0820, resistance 1.0980

“The down move is a bit stretched however signals of a meaningful rebound are still awaited.”

“1.0980, the 23.6% retracement from February and 1.1120 are near-term resistances.” 

“Failure to hold 1.0820 could mean persistence in decline towards 1.0700 with next support at 2020 low near 1.0635.”