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Above 1.2190, the EUR/USD pair should bring its consolidation phase to an end for a resumption of the uptrend and a move back to 1.2345/55, in the view of analysts at Credit Suisse.

Key quotes

“Above 1.2190 should establish a near-term ‘head & shoulders’ base to confirm a move back to the 1.2345/55 highs. Whilst we a fresh rejection from here should be catered for, we continue to look for an eventual break for a move to our 1.2518/98 core long -held target – the 2018 high and 38.2% retracement of the entire 2008/2017 bear market. We expect this to remain a major barrier.” 

“Support moves to 1.2135 initially, then the 13-day exponential average at 1.2119, with 1.2090 now ideally holding further weakness to keep the immediate risk higher. Below would warn of lengthier ranging and a fall back to retest 1.2023/19.”

 

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