Synopsis:
SocGen sees EUR/USD at a technical crossroads, with 1.1180–1.1140 serving as a pivotal support zone. A hold at this level could preserve the broader uptrend, while a break lower would likely signal deeper corrective pressure.
Key Points:
-
Uptrend Pausing: EUR/USD’s rally stalled near 1.1570, and daily MACD momentum has softened, now below its trigger line—suggesting fading upside momentum.
-
Support Zone in Focus: The trendline from 2023 intersects near 1.1180–1.1140, making it a "make-or-break" zone for the pair. A successful defense here could reignite bullish momentum.
-
Upside Levels: If 1.1425 (recent pivot high) is cleared, the path could open up towards 1.1570 again, with a potential extension to 1.1725.
Conclusion:
SocGen stresses that EUR/USD must hold above 1.1180 to preserve its bullish structure. A break below could usher in a deeper correction, but a bounce would reinforce the case for a renewed leg higher. Watch price action closely at this zone.
