EUR/USD advanced and GBP/USD surged. What’s next?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses EUR/USD and GBP/USD technical outlook in the near-term.
“EUR/USD on course to test what we see as more important resistance at 1.1097/1.1103 – the late November high and 61.8% retracement of the October/November fall. Above here though is needed to see a fresh base established for a deeper recovery within the broader sideways range with resistance then seen next at 1.11/370 and with the 200-day average now at 1.1162, which we expect to remain a solid barrier,” CS notes.
“A clear and sustained break above 1.2970/85 in GBP/USD would sharply increase the risk of a bull “flag” continuation pattern, with the next resistance then seen at the 1.3013 high, above which would trigger the pattern for a fresh leg higher with resistance then seen at 1.3048/56 initially ahead of 1.3077 – the 78.6% retracement of the 2019 fall,” CS adds.
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