EUR/USD: Break above 1.1920 to turn the trend higher – Credit Suisse


EUR/USD has held high-level support to leave the spotlight again on its key downtrend and price resistance at 1.1903/20. A break above here remains needed to suggest the consolidation phase from September is finally over for a resumption of the core bull trend, analysts at Credit Suisse apprise.

Key quotes

“EUR/USD has held not only price support at 1.1808 but also its rising 13 -day average, now at 1.1832 and we look for a fresh attempt to move higher from here with key resistance seen at the downtrend from September at 1.1903.” 

“Above price resistance at 1.1920 though remains needed to confirm we are finally seeing the consolidation from early September coming to an end for a resumption of the core uptrend as looked for with resistance seen at 1.1962/66 next, then the 1.2011 September high and eventually our 1.2145/55 first core upside objective – the ‘neckline’ to the early 2018 top and 78.6% retracement of the 2018/2020 bear trend. Whilst we would expect a fresh phase of consolidation from here, our broader outlook stays positive for an eventual move above 1.2500. “

“Near-term support moves to 1.1864, with an attempt to hold 1.1842/32 now looked for. Below 1.1808 can raise the prospect of further consolidation and a move back to 1.1788 and then 1.1745/25, which we look to remain bett er support.”

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 

EUR/USD News

GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.

GBP/USD News

XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures