EURUSD to extend its bounce on a break past 1.01 – SocGen

EURUSD is now close to October peak at 1.0100. The worls's most popular currency pair needs to surpass this level to extend its bounce, economists at Société Générale report.

Critical support aligns at 0.9730

“Daily MACD has been posting positive divergence since July and has now entered positive territory denoting downward momentum is gradually receding. However, the pair has to establish itself beyond 1.0100 to affirm an extended bounce towards 1.0190 and graphical levels of 1.0290/1.0360.” 

“Recent pivot low at 0.9730 is crucial support.”