EUR/USD has failed to see a follow-through to the downside below support at 1.1754, reinforcing the sideways range from late July. Resistance is seen at 1.1868, then more importantly at 1.1918, with support seen at 1.1783, the Credit Suisse analyst team informs.
“EUR/USD has reversed its albeit brief move below the 1.1754 lows of late August and September and uptrend from May and the sharp recovery and break above 1.1825 keeps the market in its sideways range from late July.”
“Immediate resistance moves to 1.1868, above which should see a move back to the high of last week (and this week) at 1.1901/18. Beyond here is now needed to suggest the ranging phase has been resolved higher and core uptrend resumed with resistance the seen initially at 1.1952/62, then the 1.2011 high. Bigger picture, we maintain our core long-held 1.2145/55 target.”
“Support is seen at 1.1818 initially, with a break below 1.1783 needed for a move back to 1.1737/32. More important price support is now seen at the 55-day average and August lows at 1.1714/1.1697, removal of which is now needed to mark a top, exposing support at 1.1495/85.”
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