Euro: Correction seen near key averages against US Dollar – Societe Generale
Societe Generale’s Morning Briefing reports EUR/USD traded between 1.1359 and 1.1387 overnight and is on course for a second weekly drop. The defence of the 100‑week moving average at 1.1356 and oversold technicals suggest the correction may have run its course for now.
Societe Generale’s Morning Briefing indicates EUR/USD experienced a trading range of 1.1359 to 1.1387 overnight, poised for its second weekly decline. The bank highlights the 100-week moving average at 1.1356 as a potential defense point, while technical indicators suggest the correction may be nearing completion. Support is identified at 1.1270, with resistance at 1.1450, and a significant option expiry located at 1.1400.
Despite EUR/USD falling below 1.14, there are concerns that a more substantial decline could occur in the fourth quarter. The weaker euro, combined with rising oil prices, presents challenges for the ECB in managing inflation, thereby intensifying the pressure on European debt and complicating government efforts to stabilize debt levels.
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