EUR/USD: 1.07 and 2020 low of 1.0635 are next potential support levels – SocGen

EUR/USD recovered yesterday from the intra-day low of 1.0806 but struggled to make much headway, drifting sideways. Economists at Société Générale expect the pair to test next supports at 1.0700 and 2020 low of 1.0635.

Signals of bounce still not visible

“The down move is a bit overstretched however signals of rebound are still not visible.”

“Multi-year trend line at 1.0700 and 2020 low of 1.0635 are next potential support levels.”