Synopsis:
SocGen notes that EUR/USD has lost some upward momentum after forming a recent high near 1.1570. While not signaling a reversal, technical indicators suggest a period of consolidation or a shallow correction is likely unless key resistance is reclaimed.

Key Points:

• Interim High at 1.1570:

  • EUR/USD peaked near this level last week and has since pulled back modestly.

• Momentum Indicators Weaken:

  • Daily MACD has dipped below its trigger line after reaching multiyear highs, suggesting waning bullish momentum rather than an outright trend reversal.

• Key Support Levels:

  • 1.1265: Recent pivot low – initial support.

  • 1.1180/1.1140: Rising trendline from 2023 – stronger short-term support zone.

• Key Resistance Levels:

  • 1.1470: Marks the 61.8% retracement of the latest pullback; a break above could reignite the rally toward recent highs.

Conclusion:

EUR/USD is in pause mode following a strong run-up, with technicals pointing to consolidation unless bulls regain control above 1.1470. Short-term support at 1.1265 and the 1.1180/1.1140 trendline will be closely watched as buy zones in case of deeper pullbacks.