EUR/USD: Sustained break above 1.1920 to turn the core trend higher again – Credit Suisse
|EUR/USD continues to push higher after negating Monday’s bearish session to leave the market back above key downtrend and price resistance at 1.1900/20. Analysts at Credit Suisse continue to look for a clear and sustained break above here to confirm a resumption of the core uptrend. The pair would then see resistance back at the 1.2011 September high.
See: EUR/USD remains short-term bullish while above 1.1800 – Commerzbank
Key quotes
“We continue to look for (finally) a clear and sustained break above the key resistance at 1.1920 and a weekly close today to confirm we are finally seeing the consolidation from September at an end for a resumption of the core uptrend, as well as seeing a bullish ‘outside week’ complete.
“We see resistance at 1.1962/66 next, then the 1.2011 September high and eventually our 1.2145/55 first upside objective – the ‘neckline’ to the early 2018 top and 78.6% retracement of the 2018/2020 bear trend. Whilst we would look for a fresh phase of consolidation to emerge here, big picture, we continue to look for an eventual move above 1.2500.”
“Near-term support moves to 1.1907, with 1.1885/81 now ideally holding to keep the immediate risk higher. Below can see a minor top for a retreat back to 1.1844/34, with a tactial bullish bias maintained whilst above 1.1800.”
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