EURUSD idles below the 200-Day Moving Average at 1.0414. Therefore, the pair could struggle to extend its recent gains, economists at Société Générale report.

Upside could remain contained

“EURUSD is struggling to cross above its falling 200-DMA (around 1.0414) which denotes possibility of retraction in recent gains.”

“The low formed earlier this week at 1.0270 is crucial for continuation in bounce.”

“Next potential hurdles are at 1.0520 and March 2020 low of 1.0630/1.0690.”

See: EURUSD could be trading in a 0.95-1.05 range for most of 2023 – ING