EUR/USD to see one more down leg on failure to surpass 1.0860/1.0900 – SocGen

Market news

6 June 2023

EUR/USD to see one more down leg on failure to surpass 1.0860/1.0900 – SocGen

Economists at Société Générale analyze EUR/USD technical outlook.

Upside capped at 1.0860/1.0900

The pair has formed an interim trough near 1.0630. An initial bounce is underway, however, it would be interesting to see if it can reclaim 1.0860/1.0900, the 61.8% retracement of the down move. Failure could mean possibility of one more down leg.

Next important support zone is located at 1.0510/1.0480 representing low of March and the 200-DMA. In case the pair fails to defend it, there would be risk of a larger downtrend.

Currencies. Daily history for Tuesday, June 6, 2023

Commodities. Daily history for Monday, June 5, 2023

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.