EUR/USD outlook medium-long term - Socgen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - Analysts at Societe Generale offered a long term and medium term picture for EUR/USD.

    Key Quotes:

    Long term:

    "Key levels at 1.1875/1.22 and 1.05/1.04 Broke below the 7-year triangle support (1.22) 1.05/1.04, the interception of the 30Y upward channel and the down sloping one since 2008 (61.8% retracement of 2000-2008 uptrend). Break below 1.05/1.04 would mean a correction of a larger degree, towards 0.96/0.953.

    Medium term:

    Violation of flag led EUR/USD towards previous lows and more importantly the multi-decade channel at 1.05/1.04. This remains a decisive level for extension in ongoing downtrend.

    Weekly MACD is still below resistance line suggesting pullback to be corrective. Flag limit at 1.1270 which coincides with down sloping channel (1.1270- 1.00/0.9930) should cap upside, only a move above will mean possibility of larger recovery."
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