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- EUR/USD: Scope for a deeper corrective setback to test 1.2065/59 - Credit Suisse
EUR/USD: Scope for a deeper corrective setback to test 1.2065/59 - Credit Suisse
FXStreet notes that EUR/USD trades flat in the mid-1.2100 on Tuesday. Economists at Credit Suisse continue to look for a setback with support seen at 1.2129/22, then 1.2065/59.
“Near-term, we continue to look for a rebound from price support at 1.129/22 as flagged, but our bias is seen for a break in due course and a deeper setback to 1.2065/59 – the December low and 38.2% retracement of the November/January rally – where we then look for an attempt to find a floor. Failure to do so can expose the 55-day average and September high at 1.2020/11, but with this expected to prove a better floor.”
“Resistance is seen at 1.2174 initially, with the immediate risk seen lower whilst below 1.2231".
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