EUR/USD: The downward trend is still here, but pair could still climb to 1.1250 in the short term says SG

In a note published today, Societe Generale bank reveals its forecast for the EUR/USD:

"After having tested the key threshold of 1.06/1.05 last year, the EUR/USD is currently in a broad consolidation.

The downtrend is still valid, but new lows need to be marked for this to remain the case.

In the short term, however, it should be noted that the pair has retested the February low at 1.08 and could move towards a rebound at 1.1250."