Societe Generale FX Strategy Research notes that EUR/USD looks stuck in a 1.13-1.1460 range.
“After breaking above 1.08 in late April, EUR/USD spent a few weeks in a 1.08-1.10, and the break of that level was followed by a month between 1.11 and 1.13,” SocGen adds.
In that regard, SocGen thinks that we will mess around here until positioning lightens up, before we can break 1.1460 and head for the 2015 high just above 1.17.
“EUR/GBP will be equally frustrating, but we have slightly more hope of a gradual climb in EUR/JPY,” SocGen adds.
Source: Societe Generale Cross Asset Research
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