Market news
07.08.2020, 10:42

EUR/USD needs to clear 2018 top at 1.1923/26 to ease threat of correction - Credit Suisse

FXStreet reports that EUR/USD briefly moved above the 1.1909 recent high yesterday but was then abruptly stopped at the 1.1923/26 key resistance. The pair needs to surpass the mentioned 1.1926 level to confirm a direct resumption of the uptrend for 1.2140/55, per Credit Suisse.

“With daily RSI momentum now showing a clear bearish divergence we remain of the view the risk is for a lengthier consolidation phase before the core uptrend resumes, potentially even a ‘double top’.” 

“Near-term support moves to 1.1818, then more importantly at 1.1799/92, below which can add weight to this consolidation scenario with support next at 1.1774, then 1.1721. Only below 1.1699/97 though would see a “double top” established with support then seen next at 1.1630/22 – the 38.2% retracement of the rally from late June.” 

“Support at 1.1792 holding can maintain a high-level range with resistance seen at 1.1894 initially, above which can see a retest of 1.1916/26. An eventual move above here should confirm a resumption of the uptrend to our next resistance/’objective’ at 1.214 0/55 – the ‘neckline’ to the early 2018 top.”

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location