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EUR/USD risk stays seen lower for a retest of support at 1.1952/45, with a break now seen as likely for a test of the 200-day average at 1.1800, per Credit Suisse.

Key quotes

“Below the 1.2023 mid-February low, EUR/USD should further reinforce the negative tone for a retest of 1.1952/45 – the February low and 23.6% retracement of the entire 2020/2021 bull trend. Whilst a fresh hold will be looked for at first, our bias would be for a break in due course and a fall now to the 200-day average and late November low at 1.1800. Our bias remains for a better floor to be found here.”

“Near-term resistance moves to 1.2062. Above 1.2102/09 can now ease the immediate downside bias but with a break above 1.2185 needed for strength back to 1.2237/43. Beyond this latter area is needed to reassert the broader uptrend again, for a move back to 1.2345/55.”

 

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