EURUSD: September peak of 1.0190 likely to cap short-term upside – SocGen

EURUSD is gradually heading towards 1.0190. Failure to cross can lead to downside, economists at Société Générale report.

Daily RSI points towards short-term upside momentum

“Interestingly, daily RSI has registered a multi month peak recently pointing towards short-term upside momentum. In case of a break beyond this channel, a revisit of the peak of September near 1.0190 is not ruled out. Graphical levels of 1.0360/1.0450 consisting of lows of 2015/2016 would be a key resistance zone.” 

“Failure to cross 1.0190 can lead the pair gradually lower towards recent higher trough at 0.9730 and 0.9535. Below this support, next potential objectives are expected to be at projections of 0.9200/0.9150.”