Société Générale technical analysis,
After achieving the upper limit of an ascending channel earlier this month, has been showing a retracement. Weekly indicator is close to a resistance which suggests ongoing rebound since December seems to be running out of steam and upside is likely to remain capped.Currently the pair is close to January highs of 1.10/1.0950 which also corresponds with the 61.8% retracement from mid-January lows and the lower limit of aforementioned channel within which the recovery has evolved. More importantly this is the 20 week EMA and the weekly descending trend.