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EUR/USD: Clear way for a move to the 1.2130 level - Credit Suisse

FXStreet reports that EUR/USD maintains its break above 1.1990/97 and large bullish “outside day” and analysts at Credit Suisse look for further strength to 1.2103/13, with scope for the potential downtrend from early January, today seen at 1.2130.

“EUR/USD maintains its break above key resistance from its 55-day average and mid-March highs at 1.1992/97 completing a large bullish ‘outside day’ in the process and this suggests a more important low has indeed been established near the 1.1695 key retracement support/target (38.2% of the 2020/2021 uptrend).” “We look for further strength to resistance at the March high and 61.8% retracement of the 2021 fall at 1.2103/13, with the potential downtrend from the 2021 high just above at 1.2127/30. We would look for this latter area to then ideally cap for a pullback into what we look to be a broader sideways range.” 

“Support moves to 1.2033 initially, then 1.2015, with 1.1995/90 ideally holding to keep the immediate risk higher."

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