EUR/USD held key support at 1.0681/69, rangebound phase to develop – Credit Suisse
|EUR/USD is rebounding from key support at 1.0681/76, which reinforces the case for a range to develop over the next few weeks, with key resistance at 1.1000/35, analysts at Credit Suisse report.
Break below 1.0681/69 would open up another leg lower
“EUR/USD has held key support at 1.0681/69. This reinforces our base case scenario of a lengthy period of ranging, with this level expected to define the bottom end of a new range.”
“The potential for a rangebound phase is also reinforced by the recent false breakout above key resistance at the 50% retracement of the 2021/2022 fall at 1.0944, with the sharp fall likely cleansing positioning significantly.”
“1.1000/35 is now expected to act as the top of the range. In contrast, a break below 1.0681/69 would open up another leg lower, with a lack of meaningful support until 1.0483/0463, where we would again look for a floor if reached.”
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.