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EUR/USD is still expected to see an eventual clear break above 1.2145/55 to reassert the uptrend for a move to 1.2355 and eventually above 1.2500, analysts at Credit Suisse apprise.

Key quotes

“We continue to look for a clear and sustained move above our long-held 1.2145/55 first upside objective – the ‘neckline’ to the early 2018 top and 78.6% retracement of the 2018/2020 – to reassert the uptrend, with resistance above 1.2178 then seen at 1.2215 next, ahead of the March measured base objective” at 1.2355.” 

“Big picture, we continue to look for an eventual move to 1.2518/98 – the 2018 high, 38. 2% retracement of the entire 2008/2016 bear market and 61.8% retracement of the fall from 2014 – which we expect to prove a tougher barrier.” 

“Support moves to 1.2123/16 initially, then 1.2105, with the recent low and 13-day ema 1.2079/59 ideally holding to keep the immediate risk higher. Below can see a more concerted correction and a fall back to 1.2011/03.”