EUR/USD did not maintain a breakout above the 1.1800–1.1830 resistance zone and has since damaged beneath its short-term rising pattern line, shifting near-term dangers towards a corrective decline with key help seen on the 200-day shifting common round 1.1550–1.1590, Société Générale’s FX analysts observe.
Uptrend break indicators fading momentum
“EUR/USD just lately examined the higher boundary of its multi-month consolidation round 1.1800/1.1830, a key resistance zone, earlier than pulling again sharply. The pair has damaged beneath a short-term ascending pattern line, signalling weakening upward momentum.”
“The December low close to 1.1590/1.1550, which coincides with the 200-DMA, is a vital help. Failure to defend this zone might denote the chance of a deeper decline.”
