A move below the January low of 1.0480/1.0460 could see the EUR/USD pair extending its decline, economists at Société Générale report.

1.0800 must be reclaimed to denote a larger up move

“January low of 1.0480/1.0440 is a potential support zone. In case this gets violated, the ongoing decline is likely to extend towards the 200-Day Moving Average at 1.0330 and projections of 1.0220/1.0200.”

“Recent pivot high of 1.0800 is likely to cap near term upside.”

See – EUR/USD: Moderately positive medium-term, not optimistic long-term – Commerzbank