FXStreet reports that economists at Société Générale suggest that EUR/USD continues to tread water around 1.1600 and would need to surpass the 1.1670/1.1700 resistance to see further gains.
“Daily MACD has posted positive divergence however it is still in negative territory which denotes a price breakout i.e. a break above the 1.1670/1.1700 resistance zone is essential to affirm an extended up-move.”
“Failure to defend 1.1570 can result in further down move towards recent low at 1.1525 with next significant support at March 2020 high of 1.1495/1.1450.”