EUR/USD extends uptrend after channel breakout – Société Générale

EUR/USD has broken above the upper boundary of a descending channel, extending its upward momentum while holding support at 1.1550, Société Générale's FX analysts note.

Momentum pushes EUR/USD toward 1.1730

"EUR/USD recently defended the ascending trend line established since August and gradually crossed the upper boundary of a descending channel. The upward momentum is extending following this breakout."

"The recent pivot low at 1.1550 acts as a short-term support. Defense of this could result in continuation of up move towards 1.1730, followed by the upper limit of its multi-month range near 1.1800/1.1830, which could be an important resistance zone."