Research Team at Societe Generale, suggests that after testing key levels 1.06/1.05 last year, EUR/USD is undergoing broad consolidation. Key Quotes “After forming spinning top at important hurdle of 1.1460, EUR/USD is undergoing a retracement. Daily stochastic has pulled back after testing a ceiling and has given a negative crossover pointing towards limited upside. Very short term, a rebound is likely however 1.1380/1.1410 will be an immediate resistance. Eventually a retracement towards 1.1270 and even towards recent lows of 1.1150 looks probable. 1.05 will decide about next leg of down cycle. Short term, the pair is developing a sub-range within the broader consolidation and is retracing from the upper limit at 1.1460. This is likely to be an important hurdle near term.” For more information, read our latest forex news.