EUR/RON to extend its advance above the 5.00 level – SocGen

EUR/RON tested a multiyear trend line near 4.90 recently (now at 4.92) resulting in extension of its uptrend. Economists at Société Générale expect the pair to grind higher towards the 4.99/5.01 area.

4.92 to cushion an initial pullback

“The pair is now in proximity to potential hurdle of 4.97 representing a line connecting peaks of March 2020 and April.”

“An initial pullback is not ruled out; however 4.92 should cushion it.”

“Holding above the 4.92 support, the up move could eventually persist towards next projections at 4.99 and 5.01.”

Oct 5, 2021

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