First appeared on eFXplus on May 14 - 08:21 AM
Societe Generale Research discusses EUR/USD tactical outlook and maintains a bullish bias, expressing that via holding a long position* with a tight stop at 1.1095.
"Amid the uncertainty about the outcome and in the face of volatile global markets overall, EUR/USD volatility has remained anchored, trapped between cheap valuations and short positions on the one side, concerns about growth and transatlantic trade relations on the other," SocGen notes.
"The technical picture for EUR/USD turned cautiously bullish after the pair held critical support at 1.1120 at the end of April. It moved up pretty briskly before peaking at 1.1266 on May 1 and yesterday tested but failed to break that level again. This level needs to give way if we are to see further euro short-covering," SocGen notes.
*Recorded in eFXplus Orders
Société Générale Research/Market Commentary