EUR/USD: Move above resistance at 1.1055 needed to ease the pressure off 1.0912/1.0833 support – Credit Suisse
|EUR/USD has extended its rejection of key resistance from the 61.8% retracement of the 2021/2022 fall at 1.1275 for a decline to the 1.0912/1.0833 support cluster. Economists at Credit Suisse analyze the pair’s technical outlook.
Break below 1.0833 would warn of a more important reversal lower
The 1.0912/1.0833 support cluster – the rising 55-DMA, uptrend from last September and early July lows – needs to hold to suggest weakness is corrective ahead of strength back to 1.1152 and then a retest of 1.1275/77.
Below 1.0833 would warn of a more important reversal lower to suggest weakness can extend further yet to test the 200-DMA, currently at 1.0740, where we would expect fresh buyers to show at first.
Above resistance at 1.1055 is needed to ease the pressure off the 1.0912/1.0833 support but with a break above 1.1152 seen needed to open the door to a retest of 1.1275/77.
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