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EUR/USD on track for second weekly drop near 100-week moving average

Societe Generale highlighted support at 1.1270, resistance at 1.1450, and a large options expiry at 1.1400.

Reported · Written up by our desk · Major Pairs

Societe Generale, as summarized by FXStreet, said EUR/USD traded in a narrow range of 1.1359 to 1.1387 overnight and is positioned for a second straight weekly decline.

The bank pointed to the 100-week moving average near 1.1356, saying its defense there along with oversold technicals suggests the near-term correction may be finished for now.

FXStreet also noted Societe Generale’s key levels for the pair, with support at 1.1270 and resistance at 1.1450, and it flagged a large options expiry at 1.1400.

The bank cited that stronger German and French services PMI readings in September, along with a higher German IFO business survey, did not spur dip buying, and warned that a deeper drop cannot be ruled out in the fourth quarter.

Latest closeEUR/USD 1.122 ▼0.3%

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