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Flash: EUR/USD: pull back before the next down move - Societe Generale

FXstreet.com (Barcelona) - Societe Generale analysts are expecting a EUR/USD pull back before the next down move.

They begin by noting that spot is taking support at the neckline of the head and shoulder (1.2750) and the major descending channel. They see that this level of 1.2750 also happens to be the April double bottom and the pair should trend higher towards 1.3345 and possibly even 1.3835. They write, “For the day, the parity could pullback before the next down move towards 1.2795.”

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