Above 1.2190, the EUR / USD pair should end its consolidation phase to resume the uptrend and return to 1.2345 / 55, as estimated by analysts at Credit Suisse.
Key statements:
“Above 1.2190 it should establish a short term ‘man-head-shoulders’ base to confirm a move back to the 1.2345 / 55 highs. While we should expect a further rejection here, we continue to look for an eventual breakout for a move towards our primary target of 1.2518 / 98: the 2018 high and the 38.2% retracement of the entire 2008/2017 bear market. We hope that this remains a significant barrier. “
“Support initially moves to 1.2135, then to the 13-day exponential average at 1.2119, with 1.2090 now ideally holding back further weakness to maintain immediate bullish risk. A longer range and a dip would then be warned to retest 1.2023 / 19 “.
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