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Apr 14 - 10:55 AM

EUR/USD: Look A Cluster Of Resistance Around 1.1992/97 To Ideally Cap For A Top And Turn - Credit Suisse

By eFXdata  —  Apr 14 - 09:34 AM

Credit Suisse discusses EUR/USD technical outlook and flags a scope for top formation in the making.

"Despite the strength of the recovery we continue to look for the mid -March highs at 1.1990/92, with the 55 -day average also seen here at 1.1974 to ideally cap and for the risk to eventually turn lower again...Support is seen at 1.1928/23 initially, below which can see a move back to 1.1883, with a break below 1.1871/60 needed to see a small top complete, for a fall back to 1.1795 initially," CS notes. 

"A close above 1.1992/97 though would instead suggest we have seen a more important low established near the 1.1695 key support, clearing the way for further strength to resistance at 1.2022/27 next and then more importantly at the March high and 61.88% retracement of the 2021 fall," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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