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EUR/USD: Likely to form a shooting star this month - SocGen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Research Team at Societe Generale, suggests that after having faced resistance at the upper limit of a daily ascending channel, EUR/USD is likely to form a shooting star this month.

    Key Quotes

    “After a sharp rebound, EUR/USD faced stiff resistance at upper limit of a daily channel. With weekly indicator close to resistance, graphical levels at 1.1440/60 will remain key hurdle.

    The pair is violating the aforementioned channel support (1.10/1.1060) which is a signal that the rebound since December may have run its course. Daily RSI has already breached a similar trend support suggesting possibility of further correction. The pair is currently probing a weekly descending trend, however rebound, if any, should be contained at immediate resistance of 1.10/1.1060. A test of lows formed early February at 1.08 looks more likely. This will confirm if a revisit of last November trough at 1.0570/1.05 takes shape.”
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