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- EUR/USD set to retest the top of the YTD range at 1.2323/1.2350 – Credit Suisse
EUR/USD set to retest the top of the YTD range at 1.2323/1.2350 – Credit Suisse
FXStreet reports that economists at Credit Suisse discuss EUR/USD prospects.
“EUR/USD has seen a clear break above the 1.2243 February high to resolve the near-term range higher. We look for this to reassert the rally to expose the top of the broader range, the YTD high and the potential downtrend from 2018 at 1.2323/1.2350. For now, our bias is to look for a fresh rejection from here for a correction to the strength of the past two months.”
“Big picture, bullish pressure is seen building and a clear break above 1.2350 in due course should open the door to a move to long-term resistance at 1.2511/1.2598 – the 2018 high, 38.2% retracement of the entire 2008/2017 bear market and 61.8% retracement of the 2014/2017 fall.”
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