The setup the EUR / USD is shaping adds weight to the Credit Suisse analyst team’s vision for a deeper corrective pullback to the December low, 38.2% pullback from the November / January rally and the 55-day average, currently in 1.2065 / 45.
Key statements:
“EUR / USD has seen a breakout of key short-term support at 1.213 / 22 and, although this has not been sustained so far, with the ‘measured target’ of its maximum at 1.2355 achieved and with the dollar itself maintaining support Important unsurprisingly, our bias remains for this to be confirmed. This should clear the way for further corrective weakness, for a deeper pullback to 1.2065 / 59 initially: the December low and the 38.2% retracement of the November / January rally. With the 55-day average not far below 1.2043, we would look for an attempt to find a floor here. “
“Resistance initially held at 1.2180, then at 1.2208. Above 1.2231 the immediate downside would be alleviated for a move back to 1.2285, but with a break here needed to clear the way for a retest of 1.2345 / 55 ”.
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