EUR/USD to see a deeper recovery on a close above 55-DMA at 1.1821 – Credit Suisse

EUR/USD has broken above the 1.1806 high and is testing 55-day average resistance at 1.1821. Only a close above here would open up a move back to 1.1894/1.1910, the Credit Suisse analyst team reports.

See: EUR/USD to edge higher towards 1.1905 driven by bullish descending wedge pattern – DBS Bank

Short-term support is seen at 1.1782

“EUR/USD risks a deeper than expected correction higher. However only a close above the 55-day average at 1.1821 would confirm a deeper recovery to 1.1852/58 next, then the 38.2% retracement and July high at 1.1894/1.1910.”

First support moves to 1.1782, below which on the back of a close below the 55-day average would mark a short-term failure.”

“Below the 1.1734/26 ‘outside day’ low would then see the immediate risk turn lower again, with scope for a move back to the major 1.1695 support and recent 1.1663 low.”


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