EUR/USD: Combination of momentum and higher technicals could guide the pair towards 1.08 – SocGen

Market news

6 November 2023

EUR/USD: Combination of momentum and higher technicals could guide the pair towards 1.08 – SocGen

EUR/USD carries over gains from Friday after storming back above 1.07. Economists at Société Générale analyze the pair’s outlook.

1.0630 is near-term support

The combination of momentum and higher technicals could guide the pair towards the 200-DMA at 1.08 unless risk sentiment sours and UST/Bund spread rebounds.

The pair has formed a series of higher peaks and troughs in daily timeframe chart which highlights potential upside.

1.0630, the 38.2% retracement of recent rebound is near-term support.

See: EUR/USD may slip back below 1.0700 rather than push higher to 1.0800 – ING

Mexico Consumer Confidence s.a dipped from previous 46.8 to 46 in October

USD/THB: Further weakness on the table – UOB

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