EUR/USD has seen a fresh and aggressive rejection of resistance at 1.1369 – the 38.2% retracement of the entire 2018/2020 bear trend – to reassert the sideways range with support seen at 1.1258/54, per Credit Suisse.
Key quotes
“Below support at 1.1258/54 would see an in-range top complete to keep the immediate risk lower in the range with support seen next at 1.1219, then back at the range lows and 38.2% retracement of the rally from late April, starting at 1.1185 and stretching down to 1.1157. Whilst we would look for a fresh attempt to hold here, a break can see weakness extend to test the 38.2% retracement of the entire rally from March at 1.1122, but with better buyers expected to show here.”
“Resistance is seen at 1.1305 initially, then 1.1317, back above which can see strength back to 1.1349/71. Beyond here remains needed to resolve the range higher, with resistance then seen next and initially at 1.1399.”
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