EUR/USD: the next major step towards parity is located at 1.03 according to SocGen, which is aiming for this threshold in the very short-term

In a note published today, Societe Generale is again reviewing the EUR/USD pair, believing that the recent move under 1.0465 is a key bearish technical factor:

"The recent breakout under 1.0465 points to the possibility of a continuation of the decline. On the daily chart, the pair dropped under a bearish channel formed over several months (low limit at 1.0465/1.0510).

This threshold of 1.0465/1.0510 could be difficult to break through, but any rebound should remain blocked by the threshold at 1.0665.

In the very short term, the pair should drift towards the next target at 1.03. In the event of a break below 1.03, the next targets will be at 1.0180 and parity (1.0000)."