EUR/USD: Further gains if risk-off intensifies – Credit Suisse
Strategists at Credit Suisse stay bullish on the EUR/USD pair as they look at the cross from a technical perspective.
“EUR/USD has seen a sharp move higher, breaking above a key cluster of resistances between 1.1198 and 1.1241/50, the medium-term channel downtrend, the 23.6% retracement of the 2018/2020 downtrend and key December and August highs, before reversing temporarily from next resistances seen at 1.1457/95, which is the 38.2% retracement of the same downmove.”
“We stay bullish, with a break above here clearing the way for a move to the 1.1571 high, then the 50% retracement at 1.1667.”
“Support at 1.1251/37 ideally holds, although only below the 200-day at 1.1101 would remove our bullish outlook.”