EUR/USD: Break above 1.1070/1.1100 needed to confirm next leg of uptrend – SocGen

EUR/USD has staged a steady rebound after forming an important trough near 0.9535 last September. The move has stalled at a multi-year ascending trend-line resistance point near 1.1070/1.1100. Economists at Société Générale analyze the pair’s technical outlook.

1.0570/1.0510, a crucial support zone

A retest of the upper limit of the range near 1.1070/1.1100 cannot be ruled out. However, the next leg of the uptrend can only be confirmed once the pair breaks above this zone. 

Beyond 1.1100, further potential hurdles are located at 1.1270, the 61.8% retracement from 2021 and graphical levels of 1.1450/1.1495, representing the March 2020/February 2022 peaks. 

In the case of a short-term down-move, the lower end of the recent consolidation phase near 1.0570/1.0510 would be a crucial support zone.