Synopsis:

SocGen sees EUR/USD pulling back after its recent sharp breakout, but expects support at the 200-day moving average (1.0750/1.0720) to hold. A deeper decline would only be likely if this level is breached. If support holds, the EUR/USD uptrend could resume, targeting 1.0985/1.1000, followed by 1.1140.

Key Points:

1️⃣ EUR/USD Rally Faces Interim Resistance at 1.0950 📈

• The pair broke out from a multi-month base, but stalled at 1.0950.
• A short-term pullback is underway.

2️⃣ Key Support at 1.0750/1.0720 (200-DMA) 🔄

• SocGen sees this level as a key support zone.
• A break below it could risk a deeper correction.

3️⃣ If Support Holds, Uptrend Resumes 📊

• Next upside targets:
  • 1.0985/1.1000 (September 2023 low).
  • 1.1140 (higher resistance level).

Conclusion:

SocGen expects EUR/USD’s pullback to stabilize at 1.0750/1.0720, reinforcing the uptrend toward 1.1000 and 1.1140. A break below this key support could trigger a larger decline, but the technical bias remains bullish as long as this level holds.