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EUR/USD’s strength has been capped ahead of the 200-day average and analysts at Credit Suisse look for a move back to the neckline to the base.

Key quotes

“We continue to view current price action as consolidation ahead of the trend eventually turning lower again and near-term, we look for weakness back to 1.0907, then the ‘neckline’ to the base and 13-day average at 1.0897/84.” 

“Back beneath 1.0833 will confirm that the recovery is over, opening the door for a move back to the April low at 1.0727 initially.” 

“Resistance moves to 1.0977 initially, then 1.1019/21. A close above 1.1033 would suggest strength can extend further with resistance seen next at the 50% retracement of the March fall at 1.1065.”