EUR/USD remains sidelined near-term and needs to clear 1.1930 to ease the threat of a top and reassert the underlying uptrend. Key support remains seen at 1.1754/53, analysts at Credit Suisse inform.
“A quiet end to last week leaves our immediate outlook unchanged and with the market holding its uptrend from May and near-term price support, today seen at 1.1799/94.”
“Whilst the threat of a top remains a real risk the immediate risk stays seen mildly higher within the broader range whilst above 1.1799/944. Above 1.1875 is needed to clear the way for a move back to 1.1913/30, above which should see 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 is seen at 1.1826. Below 1.1799/94 can rekindle thoughts of a top, although only below 1.1754 would see this confirmed, with support then seen next and initially at 1.1699/89, then the 55-day average at 1.1671.”
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