EUR/USD: Failure to defend 1.0730/1.0710 can extend the decline towards 1.0650 – SocGen

Economists at Société Générale analyze EUR/USD’s technical outlook.

An initial bounce is not ruled out

“The EUR/USD pair is now at potential support of 1.0730/1.0710 representing the 23.6% retracement from last year. An initial bounce is not ruled out however the high formed earlier this week at 1.0910 is likely to cap.” 

“Failure to defend 1.0730/1.0710 can extend the decline towards 1.0650 and perhaps even towards the March low of 1.0510.”

See – EUR/USD: Next real support level will probably be at 1.0700 – ING