Technical Analysis

Look for 200-dma to cap EUR/USD rebound – Credit Suisse

EUR/USD down 5 pips to 1.1936 today

Credit Suisse discusses EUR/USD technical outlook and sees a scope for further upside in the near-term.

“EURUSD has extended its recovery and above resistance at 1.19232/27
sees a minor base established to suggest this can extend further. We
thus 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
,” CS notes. 

“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,” CS adds.

For bank trade ideas, check out eFX Plus.

Invest in yourself. See our forex education hub.

Articles You May Like

Canadian Dollar churns on quiet Monday as investors await Canadian CPI
These videos are a good start for the technicals for your trading week
Insurance giant Swiss Re posts 580% jump in full-year profit, warns consumers about climate costs
STOP! Don’t Trade These Trend Lines | Forex Trading Basics
Best Forex strategy for beginners in 2024!

Leave a Reply

Your email address will not be published. Required fields are marked *