Explore eFXplus Derived Data That Drive Results
A Data Partner of:
Refinitiv
Nov 20 - 09:55 AM

SocGen: Key Support Zone Critical for EUR/USD Direction at 1.0480/1.0448

By eFXdata  —  Nov 20 - 08:51 AM

Synopsis:

SocGen highlights the importance of the 1.0480/1.0448 support zone as a determinant for the pair’s next directional move.

Key Points:

  • Technical Context:

    • The daily MACD is registering multi-month lows, indicating an overstretched decline in EUR/USD.
    • The 1.0480/1.0448 zone, which includes projections and 2023 lows, emerges as a key support level.
  • Short-Term Outlook:

    • A brief bounce remains possible, with 1.0670—the 38.2% retracement of the recent decline—acting as a near-term resistance level.
  • Larger Downtrend Risks:

    • If EUR/USD establishes below the crucial 1.0480/1.0448 zone, it could pave the way for a more pronounced downtrend.

Conclusion:

SocGen underscores the significance of the 1.0480/1.0448 zone for EUR/USD. A successful defense of this level could lead to a short-term bounce, but a decisive break below would likely signal the continuation of a larger downtrend. Traders should watch this key level closely for directional cues

Source:
Société Générale Research/Market Commentary

Subscription

  • eFXplus
  • End-user license agreement (EULA)

About

  • About
  • Contact Us

Legal

  • Terms of Service
  • Privacy Policy
  • Disclaimer
© 2024 eFXdata · All Rights Reserved
!