EUR/USD: Only a return above 1.1085 would lead us to expect a long-term rise of the pair (SG bank)

On the occasion of a note published today, the SG bank provides its technical view of the EUR/USD:

"The upper edge of the short-term downtrend channel towards 1.1060/85 will decide whether the recovery is continuing or not.

The EUR/USD has traced a head & shoulder figure with pivot support at 1.05, and the pair is facing the March 2015 resistance at 1.1060/85 where the right shoulder of the head & shoulder figure is located.

Only a move above that threshold would allow us to bet on an extension of the rebound in the longer-term."