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Jun 30 - 10:55 AM

EUR/USD: Weakness Stays Corrective; Tentative Signs Trend Likely To Turn Higher Again - Credit Suisse

By eFXdata  —  Jun 30 - 09:30 AM

Credit Suisse discusses EUR/USD technical outlook and maintains a bullish bias in the near-term.

"EURUSD has held support at 1.1157 – the 38.2% retracement of the rally from late April – and although our “ideal” roadmap has been for a deeper setback to the 38.2% retracement of the entire March/June rally – we remain of the view weakness is corrective only and there are tentative signs we may be seeing the trend trying to turn higher again already," CS notes. 

"Above 1.1282/88 can add weight to this view for a move back to retest key resistance at 1.1338/69 – the medium-term downtrend from early 2018, 38.2% retracement of the entire 2018/2020 fall and price resistance. A close above here should confirm an important break higher for strength back to the 1.1423 June high and eventually more important resistance at the 1.1495 high for the year," CS adds.

Source:
Credit Suisse Research/Market Commentary

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