Euro: EUR/USD bearish bias converging on support – Societe Generale
Societe Generale’s FX strategy team reports EUR/USD remains under pressure, trading at a three-month low and moving toward the June low at 1.1325. The bank flags support at 1.1325 and 1.1270, with resistance at 1.1410. Widening 2-year UST/EGB spreads and upcoming US PCE and NFP data are seen pulling EUR/USD closer to these vital support levels.
Societe Generale's FX strategy team notes that EUR/USD is experiencing a bearish bias, trading at a three-month low and moving closer to the June low of 1.1325. The bank identifies key support levels at 1.1325 and 1.1270, with resistance around 1.1410. Wider 2-year UST/EGB spreads and impending US PCE and NFP data are contributing to EUR/USD's approach to these critical support levels. Overnight, EUR/USD fluctuated between 1.1343 and 1.1372, maintaining a bearish bias.
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