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- EUR/USD: Downside bias to end on a close above key resistance at 1.1992/97 - Credit Suisse
EUR/USD: Downside bias to end on a close above key resistance at 1.1992/97 - Credit Suisse
FXStreet reports that according to the Credit Suisse analyst team, the EUR/USD pair has surged above resistance at 1.1992/97 this morning, with a close above here suggesting that an important low is in place.
“A close above 1.1992/97 would suggest we have seen a more important low established near the 1.1695 key retracement support/target (38.2% of the 2020/2021 uptrend). If seen, this should then clear the way for further strength to resistance at 1.2027 next and then more importantly at the March high and 61.8% retracement of the 2021 fall at 1.2103/13, with the potential downtrend from the 2021 high just above at 1.2127/33.”
“A reversal back below 1.1992 into today’s close followed by a clear break of support at 1.1950/46 would quickly turn the risks lower again for a fall back to 1.1928/23, then 1.1883."
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