EUR/CZK: Break below 2011 lows to trigger more losses – SocGen

EUR/CZK is in the spotlight as it is threatening to decisively break below 24.00 for the first time since 2011. Economists at Société Générale expect the pair to sustain more losses.

EUR/CZK to continue its decline

“Weekly MACD has remained anchored within negative territory which highlights downward momentum is prevalent.” 

Signals of a meaningful bounce are not yet visible.”

“Failure to hold 23.93 can extend the downtrend towards 23.70 and projections of 23.35.”

See: Rally in the CE3 currencies is consistent with latest data – Commerzbank