EUR/USD has resumed its phase of decline after breaching below lower limit of recent range (1.0330), Societe Generale’s FX analyst note.

EUR/USD resumes its decline

“Daily MACD has started posting positive divergence, but signals of a meaningful bounce are not yet visible. The high achieved earlier this week near 1.0460 is an important resistance near term.”

“Inability to cross this could mean persistence in downtrend towards next potential objectives located at projections of 1.0070 and 1.0000.”