EUR/USD has declined to test and successfully hold key support from the 1.0341 low of 2017. In the view of economists at Credit Suisse, a corrective recovery is likely.
“With the market having closed above its 13-day exponential average and with daily MACD momentum holding a bullish divergence and having turned higher, we look for a recovery/consolidation phase to emerge.”
“Near-term resistance is seen at 1.0593/99, ahead of what we see as a more important test at the 23.6% retracement of the fall from February, accelerated downtrend and May high at 1.0620/42. Above here is needed to suggest a near-term base has been completed to provide the platform for a deeper recovery to the 38.2% retracement and mid-April lows at 1.0758/87. We expect a much tougher barrier here if tested.”
“Support is seen at 1.04825 initially, with 1.0432/28 needing to hold to maintain an immediate upside bias. A break can clear the way for a retest of 1.0350/41.”
© 2000-2022. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.