EURUSD to see a deeper recovery to 1.0350/95, potentially 1.0440 – Credit Suisse
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EURUSD has surged higher. Economists at Credit Suisse look for further strength to resistance at 1.0350/90, which is set to cap at first, albeit with next resistance at 1.0440.
“With weekly MACD momentum having already crossed higher a while ago we stay bullish for a test of the key price pivot from May/August and trend resistance at 1.0350/95. With the 200-day not far above at 1.0440, we would look for a major barrier here. Should strength directly extend though we believe this would clear the way for a test of resistance at the 38.2% retracement of the entire 2021 -2022 fall at 1.0612/15.
“Support is seen at 1.0197 initially, then 1.0034 with 1.0097/95 now ideally holding to keep the immediate risk higher. Below can see a setback to the 13-day exponential average, now at 1.0014, with fresh buyers expected here.”
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