EUR/USD: Failure to reclaim 50-DMA at 1.0660 could mean persistence in decline – SocGen

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31 October 2023

EUR/USD: Failure to reclaim 50-DMA at 1.0660 could mean persistence in decline – SocGen

EUR/USD advances for third day. Economists at Société Générale analyze the pair’s outlook.

Crossover beyond 1.0660 essential to affirm broader bounce

EUR/USD crossed above the upper band of descending channel since July however it has struggled to reclaim the 50-DMA near 1.0700/1.0735 (now at 1.0660) and has started retracting recent gains.

It would be interesting to see if the pair can carve out a higher trough as compared to the one formed earlier this month near 1.0448 and reclaim 50-DMA near 1.0660. Failure could mean persistence in decline towards 1.0400, the 50% retracement from September 2022 and 1.0305.

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