EUR/USD can maintain an upward bias still within the broader range above key price and retracement support at 1.1999/86, as reported by the Credit Suisse analyst team.
Resistance is seen at 1.2152
“Resistance stays seen at 1.2110/14 initially, with a break above 1.2152 needed to reassert an upward bias for strength back to 1.2182/85, then what we expect to be tougher resistance at the 78.6% retracement of the Q1 fall and February high at 1.2212/43, where we will look for a fresh cap. Should strength directly extend, this can expose the top of the broader range and YTD high at 1.2325/1.2350.”
“Below 1.2052/51 can clear the way for a test of what we see as more important support at 1.1999/86 – the early May low and 38.2% retracement of the March/May rally.”
“Only below 1.1999/86 the pair would warn of a more important top (and a possible even larger ‘head & shoulders’ top for further weakness to the 200 -day average at 1.1955 initially, then 1.1943/42.”
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