EUR/USD: Retracement has further to go towards 1.1380 – SocGen

EUR/USD has retreated below 1.15 for the first time since July 2020. Economists at Société Générale expect the pair to extend its downtrend towards the next support at 1.1380.

Downtrend persists

“Next potential supports are 1.1380 and projections of 1.1290/1.1220.”

“Short-term upside could remain capped at 1.1610.”