EUR/USD set to retest the top of the YTD range at 1.2323/1.2350 – Credit Suisse
|EUR/USD has seen a clear break of the 1.2243 February high and economists at Credit Suisse look for a move to the YTD range at 1.2323/1.2350.
See – EUR/USD: Euro’s recent strength to be transitory – CE
Support at 1.2160/50 ideally holds
“EUR/USD has seen a clear break above the 1.2243 February high to resolve the near-term range higher. We look for this to reassert the rally to expose the top of the broader range, the YTD high and the potential downtrend from 2018 at 1.2323/1.2350. For now, our bias is to look for a fresh rejection from here for a correction to the strength of the past two months.”
“Big picture, bullish pressure is seen building and a clear break above 1.2350 in due course should open the door to a move to long-term resistance at 1.2511/1.2598 – the 2018 high, 38.2% retracement of the entire 2008/2017 bear market and 61.8% retracement of the 2014/2017 fall.”
“Support is seen at 1.2242 initially, then 1.2211/03, which we look to try and hold to keep the immediate bias higher. Below can see a deeper setback to the uptrend, recent low and 13-day ema at 1.2175/50, with a better floor expected here.”
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.