EUR/USD: Break above 1.0800 essential to affirm an extended up move – SocGen

EUR/USD rebounds. A move above 1.08 is needed to trigger another leg higher, economists at Société Générale report.

Support 1.0520, resistance 1.0800

“A move beyond recent lower high at 1.0800 would be essential to affirm an extended up move.” 

“Interestingly, the pair is evolving within a possible Head &Shoulders and failure to reclaim 1.0800 could potentially mean completion of the pattern.”

“A deeper decline is likely should a break below support zone at 1.0520/1.0480 materialize. Next potential objectives are expected to be at 1.0330 and 1.0220/1.0200, the peak of last September.”