EUR/GBP holds key support at 0.9000 to retest the 0.9184 June high – Credit Suisse
|EUR/GBP has held support at 0.9000 as expected and analysts at Credit Suisse look for the trend to turn higher again for a retest of resistance at 0.9184.
Key quotes
“EUR/GBP has rallied strongly as expected after holding key price support at 0.9000, now also its uptrend from February and with a bull ‘triangle’ still in place and with our core bias for the EUR outright higher, we maintain our core positive outlook.”
“Resistance stays seen at 0.9082 initially, then 0.9146/48, above which can see a retest of 0.9178/84 – the (late) June high and 61.8% retracement of the March/April collapse. Beyond here in due course can see resistance next at 0.9277, then the 78.6% retracement at 0.9323. Beyond here can eventually expose the 0.9501 high for the year from March.”
“Near-term support moves to 0.9029, with 0.9001/00 ideally continuing to hold. Below would see the ‘triangle’ negated to see the broader risk turn sideways again with support seen next at 0.8966, then 0.8924.”
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