EUR/USD to see another leg of downtrend towards 1.1080/1.1040 – SocGen

EUR/USD remains offered and breaks below 1.1200. Economists at Société Générale expect the pair to suffer additional losses on a break under 1.1120.

Descending trend line at 1.1330/1.1345 to cap bounces

“A bounce is not ruled out, however, a descending trend line at 1.1330/1.1345 could cap. Crossing this would be essential for a retest of 1.1485.”

“In the event 1.1120 gets violated, there would be a risk of next leg of downtrend towards projections of 1.1080/1.1040.”