EUR/USD: Break of 1.1369/71 to open the door toward March high at 1.1495 – Credit Suisse

EUR/USD is trading above the 1.1355 level, up 0.12% on the day, and is set to test the 1.1369/71 key resistance. A break above here would open the door to a challenge on the March high for the year at 1.1495, analysts at Credit Suisse apprise.

Key quotes

“A close above the key resistance at 1.1369/71 – the 38.2% retracement of the entire 2018/2020 fall and high of last week – remains seen as the barrier to see the range resolved higher with potential trend resistance seen at 1.1397 next, ahead of the high of June at 1.1423 and then more importantly the high for the year at 1.1495.”

“Whilst we expect the 1.1495 level to remain a formidable barrier, a break higher at any stage would be seen completing a significant medium-term base to mark a more sustained trend higher which could eventually see the market test its early 2018 point-of-breakdown at 1.2155.” 

“Support moves to 1.1324 initially, with 1.1295/91 now ideally holding. Beneath can see a retest of price support at 1.1258/54, but only below here would warn of an in-range top.”