EUR/USD points towards an initial rebound to 1.18 – SocGen

EUR/USD consolidates after rebounding from the 1.1700 low on Monday. Economists at Société Générale notes that the 1.18 level is the next resistance for the pair.

See – EUR/USD: Rallies towards 1.18 offer an opportunity to sell – OCBC

Forms a daily hammer

“Formation of a daily hammer on Monday points towards initial rebound.”

“50-DMA at 1.1800 is the first layer of resistance.”

“August trough of 1.1660 and projection at 1.1610 are next supports.”