FXStreet reports that EUR/USD has failed to see a follow-through to the downside below support at 1.1754, reinforcing the sideways range from late July, the Credit Suisse analyst team informs.
“EUR/USD has reversed its albeit brief move below the 1.1754 lows of late August and September and uptrend from May and the sharp recovery and break above 1.1825 keeps the market in its sideways range from late July.”
“Immediate resistance moves to 1.1868, above which should see a move back to the high of last week (and this week) at 1.1901/18. Beyond here is now needed to suggest the ranging phase has been resolved higher and core uptrend resumed with resistance the seen initially at 1.1952/62, then the 1.2011 high. Bigger picture, we maintain our core long-held 1.2145/55 target.”