Search ForexCrunch

EUR/USD needs to break above 1.1881 in order to see a base established to mark an end to its consolidation from September for a resumption of its core bull trend for a move back to the 1.2011 high, per Credit Suisse.

Key quotes

“With the USD itself breaking already breaking lower from its range to suggest its core bear trend has resumed we look for 1.1881 to be cleared also to confirm a base has been established here to mark an end to the consolidation phase from September for a resumption of its core bull trend. We would then see resistance at 1.1918 initially ahead of 1.1962/66 and then the 1.2011 September high.” 

“Whilst the September high at 1.2011should again be respected, we look for a break in due course for our 1.2145/55 first core upside objective – the ‘neckline’ to the early 2018 top and 78.6% retracement of the 2018/2020 bear trend.”

“Support moves to 1.1792 initially, then 1.1710, with 1.1710 now ideally holding to keep the immediate risk higher. A break would warn of a fresh look at 1.1612/04.”