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- EUR/USD: Support at 1.0887 can maintain a slight upside bias with resistance seen at 1.0991/98 – Credit Suisse
EUR/USD: Support at 1.0887 can maintain a slight upside bias with resistance seen at 1.0991/98 – Credit Suisse
Above support from the 55-Day Moving Average at 1.0887, EUR/USD can maintain a slight upside bias in the broader sideways range, analysts at Credit Suisse report.
Euro may still be seeing the formation of a broader topping process
EUR/USD has managed to stabilize above support from its 55-DMA, now at 1.0887 and although we maintain our view we may still be seeing the formation of a broader topping process, for now, this sees a slight upside bias maintained within the broader sideways range.
Above 1.0991/98 is needed to clear the way for strength back to resistance next at 1.1013 ahead of 1.1056 and then more importantly at the YTD highs at 1.1094/97. With the top of the trend channel for the year seen not far above 1.1127, we look for a fresh top here.
Below 1.0887 is needed to ease the immediate upside bias for a retreat back to support at 1.0851/41. Below here should see a fall back to 1.0813/03, with more important support seen at 1.0753/32.
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