EUR/USD has neared the 0.9700 level. The descending channel at 0.95 could be the next objective, economists at Société Générale report.
“EUR/USD is gradually drifting towards the lower limit of the channel at 0.9500. Defending this can lead to a bounce, however, the pair has to re-establish itself beyond the 50-DMA and recent high of 1.0200 to affirm a sustainable rebound.”
“In case the decline persists below 0.9500, the pair could test next projections at 0.9200/0.9150.”
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