EUR/USD to extend its bull run towards the 1.0758/90 resistance zone – Credit Suisse

EUR/USD has held the key support at 1.0341 and the daily MACD has turned higher. Furthermore, the break above 1.0642 confirms a bottom and Credit Suisse analysts they see a move towards 1.0758/90.

EUR/USD seems to confirm a short-term bottom

“This morning’s break above the 23.6% retracement of the drop from the February/May highs at 1.0620/42 should confirm a short-term base and provide the platform for a deeper recovery to the 38.2% retracement, 55-day moving average and mid-April lows at 1.0758/90.

“We expect a much tougher barrier at 1.0758/90 and the medium-term downtrend to reassert from here, with medium-term momentum ultimately still very strong.”

“Support trails to this morning’s break point at 1.0608/0599, and 1.0532 should now hold to maintain an immediate bullish bias. A break below that level and then 1.0460 may clear the way for a retest of 1.0350/ 41”.

Source: Fx Street

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