EUR/CZK to surge above 25.00 on a break past 24.70 – SocGen

EUR/CZK has neared the 24.70 mark. Beyond here, the pair could test 25.00 and then 25.20, economists at Société Générale report.

Initial support seen at 24.48

“The EUR/CZK pair has recently evolved within an ascending triangle with a flat upper limit near 24.70. The pattern points towards potential upside.”

“If a break beyond 24.70 materializes, ongoing bounce is expected to extend towards 25.00 and the upper band of a multiyear descending channel at 25.20.”

“First support is at 24.48, the 50% retracement from August.”