EUR/USD to extend its race higher towards the 1.0758/90 resistance zone – Credit Suisse
|EUR/USD has held key support at 1.0341 and the daily MACD has turned higher. Furthermore, the break above 1.0642 confirms a base and analysts at Credit Suisse are looking for a move to 1.0758/90.
EUR/USD looks likely to confirm a near-term base
“This morning’s break above the 23.6% retracement of the fall from February and May high at 1.0620/42 should confirm a near-term base and provide the platform for a deeper recovery to the 38.2% retracement, 55-day average and mid-April lows at 1.0758/90.
“We expect a much tougher barrier at 1.0758/90 and for the medium-term downtrend to reassert itself from here, with medium-term momentum ultimately still very strong.”
“Support moves to this morning’s breakout point at 1.0608/0599, with 1.0532 now needing to hold to maintain an immediate upside bias. A break below here and then 1.0460 can clear the way for a retest of 1.0350/41.”
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