EUR/USD to enjoy a substantial bounce on a break above 1.1380 – SocGen

EUR/USD picks up bids around 1.1270. The pair needs to surpass the 1.1380 mark to sustain its bounce, economists at Société Générale report.

Failure at 1.1380 to put the multiyear trend line at 1.1160 back in sight

“EUR/USD has formed a base in the form of an Inverse H&S. This denotes possibility of a bounce however a break above the neckline at 1.1380 is essential to confirm this move.”

“Failure to erode 1.1380 can result in persistence of downtrend towards a multiyear trend line at 1.1160.”