EUR/USD pair looks headed towards 1.1130 in medium-term - SocGen

The analysis team at Societe Generale, explains that the EUR/USD confirmed an inverse head and shoulders pattern earlier last week, and approached an intermittent target at 1.0940/85, the 61.8% retracement from last November’s highs.

Key Quotes

“Over the medium term, the pair looks headed towards 1.1130, and then towards the potential of the pattern at 1.13. Being able to hold above 1.0670 and, more importantly, the daily channel lower bound at 1.0610 should be pivotal for the EUR/USD uptrend to persist.”