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23.06.2021, 09:58

EUR/USD: Resistance at 1.1997/1.2007 to cap for a move back to 1.1836/24 – Credit Suisse

FXStreet reports that economists at Credit Suisse discuss EUR/USD prospects.

“We look for a move back to a cluster of resistances at 1.1997/1.2007 – the 200-day average, price resistance and the 38.2% retracement of the May/June fall. We will then look for a fresh cap here for a resumption of the sell -off from late May. A closing break though would ease the immediate threat of further weakness and reinforce a broader sideways converging range, with resistance seen next at 1.2074. Support is seen at 1.1911 initially, with a move below 1.1880 needed for a move back to 1.1847, then support at 1.1836/24 – the uptrend from the March low last year and the 78.6% retracement of the March/May rally.”

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