EUR/USD: On Course To Mark A Small Base Within Range; GBP/USD: Bull Flag Pattern – Credit Suisse

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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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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.