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23 Jan 2015
EUR/USD might extend towards 1.08 – SG
FXStreet (Barcelona) - Analysts at Societe Generale, expect EUR/USD to head towards 1.08 levels if it breaks below 1.12, with the pair currently testing the support zone at 1.1480/1.12.
Key Quotes
“EUR/USD is testing a support zone at 1.1480/1.12, a projection for the ongoing complex corrective move since 2008 and the 61.8% retracement of the 2000-2008 up move. Monthly RSI is at a key floor which suggests 1.1480/1.12 will be a decisive support region.”
“In the event of a break below 1.12, the pair will extend the phase of correction towards 1.08 and even towards the massive upward channel at 1.05. A multiyear triangle at 1.20/1.2220 should cap upside.”
Key Quotes
“EUR/USD is testing a support zone at 1.1480/1.12, a projection for the ongoing complex corrective move since 2008 and the 61.8% retracement of the 2000-2008 up move. Monthly RSI is at a key floor which suggests 1.1480/1.12 will be a decisive support region.”
“In the event of a break below 1.12, the pair will extend the phase of correction towards 1.08 and even towards the massive upward channel at 1.05. A multiyear triangle at 1.20/1.2220 should cap upside.”