EUR/GBP to see a test of resistance at the 200-DMA of 0.8515 – Credit Suisse
|Analysts at Credit Suisse continue to see further signs of EUR strength with the EUR/GBP surging higher. The pair is expected to enjoy a more sustained recovery towards the 200-day moving average (DMA) at 0.8512/15.
Initial support located at 0.8424/22
“EUR/GBP has surged higher following its successful defense of key long-term support at 0.8281/17 and a base and large bullish ‘reversal week’ have been established. We look for this to provide the platform for a more sustained recovery with resistance seen initially at 0.8471/80, then what we expect to be tougher resistance at the 200-DMA at 0.8512/15, with a cap expected here at first.”
“Support is seen at the ‘neckline’ to the base at 0.8424/22 initially, then 0.8404, with 0.8362 ideally holding to see an immediate upside bias maintained.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.