EUR / USD has posted a bullish “reversal day” from the 23.6% retracement of the entire 2020/2021 rally at 1.1945 / 14, Credit Suisse analysts explain. They see a short term recovery from here.
“Resistance moves to 1.2051 / 55 initially, then short-term downtrend and price resistance at 1.2088, with the 38.2% retracement of the January / February decline seen at 1.2104. We would look for this zone of 1.2088 / 1.2104 that stops the pair, for a new downward movement. “
“Beyond 1.2104 you can see a push towards the 1.2156 / 90 price resistance zone, but the rise is expected to slow here, at the top of the range.”
“Support is seen at 1.2001, then 1.1981. Below 1.1914 a more significant correction to the downside would be warned with support seen below at 1.1800 and then more importantly at 1.1695– The 38.2% retracement of the 2020/2021 uptrend and the 200-day average. “