EUR/USD set to extend its bounce towards the 1.1525/1.1590 zone – SocGen

EUR/USD is retracing recent gains after retesting January peak of 1.1485. While the pair holds the 1.1315/1.1260 area, a bounce towards 1.1525/1.1590 is on the cards, economists at Société Générale report.

Daily Ichimoku cloud at 1.1315/1.1260 is near-term support

“Daily Ichimoku cloud at 1.1315/1.1260 is near-term support. Defending this, the bounce could persist.”

“Next potential hurdle is at 1.1525/1.1590, the low of October.”