EUR/USD consolidates after rebounding from the 1.1700 low on Monday. Economists at Société Générale notes that the 1.18 level is the next resistance for the pair.
Forms a daily hammer
“Formation of a daily hammer on Monday points towards initial rebound.”
“50-DMA at 1.1800 is the first layer of resistance.”
“August trough of 1.1660 and projection at 1.1610 are next supports.”