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EUR/USD has posted a bullish “reversal day” from the 23.6% retracement of the entire 2020/2021 rally at 1.1945/14 and economists at Credit Suisse continue to look for a near-term recovery from here. 

Key quotes

“Resistance moves to 1.2051/55 initially, then the near-term downtrend and price resistance at 1.2088, with the 38.2% retracement of the January/February fall seen at 1.2104. We would look for this 1.2088/1.2104 zone to then ideally cap for a fresh move lower.” 

“Beyond 1.2104 can see a push into the 1.2156/90 price resistance zone, but with this then expected to cap to define the top of a range.” 

“Support is seen at 1.2001, then 1.1981. Below 1.1914 would warn of a more significant correction lower with support seen next at 1.1800 and more importantly at 1.1695 – the 38.2% retracement of the 2020/2021 uptrend and the 200-day average.”