EUR / USD has seen a decisive break above 1.2155 and analysts at Credit Suisse maintain a central bullish outlook for a resumption of the uptrend at 1.2355. They see firmer resistance at 1.2518 / 98.
Key statements:
“Assuming the EUR / USD has a weekly close above 1.2145 / 55, which we see no reason not to, we maintain our central bullish outlook and expect the rally to extend.”
“We expect a move to 1.2292 / 99 next, ahead of March’s ‘measured base target’ at 1.2355, from which we expect an initial pullback.”
“General view, We are still looking for an eventual move towards the April 2018 high at 1.2414 and then our main target from the end of July at 1.2518 / 98 (2018 high, 38.2% retracement of the entire 2008/2016 bear market and the decline of the 61.8% of the drop since 2014), which we expect to be a much tougher barrier“.
“Support moves higher to 1.2213 initially, then 1.2191, below which it may alleviate the immediate bullish bias, but with recent intraday lows and the 13-day exponential average at 1.2126 / 16 ideally containing more weakness. A breakout would warn of a further consolidation, with support seen below at 1.2059 “.
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