EUR/USD to extend its raceh higher if overcomes the resistance near 1.0940 – SocGen

EUR/USD is fast approaching 1.0940 which could be next potential hurdle. Above here, the rebound could persist towards 1.1040/1.1080, economists at Société Générale report.

Next potential hurdles at 1.0940 and 1.1040/1.1080

“The pair has re-established itself beyond the 200DMA in December and is approaching 1.0940, the 50% retracement from 2021. This is an interim resistance.”

“An initial pullback is not ruled out however recent trough near 1.0480 could provide support. The MA at 1.0300/1.0220 should now be an important level in case a deeper pullback materializes.”

“If EUR/USD overcomes the resistance near 1.0940, the rebound could persist towards next projections at 1.1040/1.1080.”