EUR/USD could reach 1.0630/90 on a break past 1.0480 – SocGen

EUR/USD is gaining traction above the 200-Day Moving Average (DMA) at 1.0393. Analysts at Société Générale expect the pair to target 1.0630/90 on a move above the 1.0480 mark.

Weekly low at 1.0220 provides support

“EUR/USD is attempting a break beyond the 200DMA denoting possibility of continuation in bounce.” 

“Beyond 1.0480, next potential hurdles are at projections of 1.0570 and 1.0630/1.0690.”

“The low formed this week at 1.0220 is near term support.”

See: EUR/USD may extend its rally to 1.0500/1.0550 in the near term – ING