The EUR/USD pair advanced to 1.1850 before retreating again. On Wednesday, EUR/USD is hovering around 1.18 and needs to break above 1.1910 to advance towards the 1.2150 level, economists at Société Générale report.

See – EUR/USD: The next big break is through 1.20 – TDS

Holding 1.1750/1.1730 is crucial for averting a deeper down move

“EUR/USD is forming a possible inverse head and shoulders pattern with a neckline located at 1.1910. The pattern projects a target near 1.2150 however a break above 1.1910 is essential to confirm it.”

“Defending 1.1750/1.1730, the 61.8% retracement of the bounce is crucial for averting a deeper down move.”