EUR / USD should stay below 1.1991 / 92 to suggest that the post-FOMC rally is only corrective, ahead of a retest of the 200-day rising average and low at 1.184 35 and eventually 1.1695, Credit analysts explain. Suisse.
Key statements:
“Despite the strength seen on Wednesday, the 38.2% retracement of the decline since the end of February and price resistance at 1.19991 has again limited and just above here would suggest that a more important low has been established, for above the 200-day average for a further recovery to 1.2032 / 39 initially, the 38.2% retracement of the entire decline since early January. This is seen as the barrier for a test of what we would appear to be a tougher resistance in the 55-day average, currently seen at 1.2093 ”.
“Resistance at the 1.1991 / 92 boundary can still hold downside risk with support now seen at 1.1954 initially, then 1.1918.”
“A decline below 1.1882 is needed to open the door to a retest of the recent low and the 200-day average at 1.1847 / 35. Below here you can point to the 38.2% retracement of the entire 2020/2021 uptrend at 1.1695 ”.
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