EUR/USD is holding support from its rising 13-day average at 1.1249 as the pair trades at 1.1325 and weakness stays seen as corrective by analysts at Credit Suisse ahead of a fresh attempt to establish the market above 1.1400.
Key quotes
“EUR/USD remains well supported, still holding its rising 13-day average, now at 1.1249 and we continue to view the weakness of the past few days as a corrective setback ahead of a fresh attempt to establish above 1.1400.”
“Resistance stays seen at the 38.2% retracement of the 2018/2020 decline and medium-term downtrend at 1.1357/69, above which would suggest the correction is over and the rally can resume with resistance then seen at 1.1403 ahead of 1.1423/28, then the 1.1495 high for the year. Whilst this latter level should clearly be respected, a break would mark a medium-term base to mark a more important change of trend higher, with just initial resistance then at 1.1596.”
“Near-term support moves to 1.1260, with 1.1249/40 now ideally holding to keep the immediate risk higher. Below 1.1213/12 though is needed to rekindle thoughts of a deeper setback, with support seen next at 1.1160/54.”
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