EUR/USD: Move below 1.0463 would mark a significant downturn – Credit Suisse
|EUR/USD needs to move back above 1.0806 to ease the pressure off the 1.0483/63 key support, economists at Credit Suisse report.
Break above 1.0806 needed to reassert an upward bias
“EUR/USD continues to hold above key support from the 38.2% retracement of the 2022/2023 rally and early January YTD low at 1.0483/63 and our bias remains for this to hold for a broad range.”
“Above 1.0806 remains seen needed to reassert an upward bias for strength back to the 50% retracement of the 2021/2022 fall at 1.0944, then a retest of the 1.1035 YTD high.”
“Below 1.0463 though would mark a ‘head and shoulders’ top and a potentially more significant downturn, although we would still need to see the 200-DMA at 1.0326 removed to suggest this is indeed the case for support next at 1.0223/1.0198.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.