The EUR/USD pair has held above its key uptrend from the 2021 lows at 1.2071/51, which maintains an upward bias inside the broader vary, in keeping with the Credit score Suisse analyst workforce.
Help stays at 1.20571/51 initially after which extra importantly at 1.1999/86
“While above the 2021 lows at 1.2071/51, the rapid threat can nonetheless lean increased. A break above 1.2152, which has stalled the market this morning, would reinforce the upward bias for power again to 1.2182/85, then what we anticipate to be harder resistance on the 78.6% retracement of the Q1 fall and February excessive at 1.2212/43, the place we are going to search for a contemporary cap. Ought to power straight prolong, this will expose the highest of the broader vary and YTD excessive at 1.2325/1.2350.”
“Beneath 1.2071/51 can clear the way in which for a check of what we see as extra vital assist at 1.1999/86 – the early Might low and 38.2% retracement of the March/Might rally.”
“Solely under 1.1999/86 although would warn of a extra vital prime (and a doable even bigger ‘head & shoulders’ prime for additional weak spot to the 200 -day common at 1.195 7 initially, then 1.1943/42.”