EUR/USD to resume the uptrend on a break above 1.1930 – Credit Suisse
|EUR/USD stays sidelined near-term and only above 1.1930 would ease the threat of a top and reassert the underlying uptrend. To the downside, key support remains seen at 1.1754/53, according to the Credit Suisse analyst team.
Key quotes
“EUR/USD remains sidelined, trapped in the sideways range of the month and a half and although the threat of a top remains a real possibility, while support from its uptrend from May and near-term price support still holds, today seen at 1.1817/09 the immediate risk can stay seen mildly higher within the broader range.”
“Resistance is seen at 1.1876 initially, then 1.1901, with a break above 1.1930 needed to curtail thoughts of a top to suggest the consolidation is over for a move back to 1.2011 and eventually our 1.2145/55 first major upside objective – the “neckline” to the early 2018 top and the 78.6% retracement of the entire 2018/2020 fall. We would look for a cap here for a fresh phase of consolidation.”
“Near-term support stays seen at 1.1826. Below 1.1809 can rekindle thoughts of a top, although only below 1.1754 would see this confirmed, with support then seen next and initially at the 55-day average and August low at 1.1699/89.”
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.