EUR can bounce towards December high of 1.0630 – Societe Generale

EUR/USD briefly challenged lows of January but has quickly rebounded after forming an important low near 1.0140, Societe Generale's FX analysts report.

Above 1.0630, EUR can continue moving upwards

"It has gradually established itself above 50-DMA denoting regain of upward momentum. The pair is now probing the upper limit of a multi-month base. The MA at 1.0400/1.0385 is near term support. Defence of this can lead to persistence in bounce towards projections of 1.0580 and December high of 1.0630. Overcoming this hurdle could result in a larger up move."