EUR/USD: Break above 1.1670/1.1700 is needed to extend the bounce – SocGen

EUR/USD has so far struggled to overcome graphical levels of 1.1670/1.1700. The pair continues to tread water around 1.1600 and would need to surpass the aforementioned resistance to see further gains, economists at Société Générale report.

Support 1.1570, resistance 1.1670

“Daily MACD has posted positive divergence however it is still in negative territory which denotes a price breakout i.e. a break above the 1.1670/1.1700 resistance zone is essential to affirm an extended up-move.”

“Failure to defend 1.1570 can result in further down move towards recent low at 1.1525 with next significant support at March 2020 high of 1.1495/1.1450.”