EUR/USD still very much on corrective mode - SocGen

EUR/USD, having failed to break to new highs last week, is still very much on corrective mode, suggests Kit Juckes, Research Analyst at Societe Generale.

Key Quotes

“Broadly, 1.22-1.26 is now a neutral zone and a test of something near 1.22 seems quite likely to me, particularly if tomorrow's PMI data show any signs of topping out and the ECB ‘account' on Thursday doesn't sound too hawkish. None of that alters the longer-term bullish outlook for the Euro.”