EUR/USD: Break above 1.0806 should see the rally gain more momentum – Credit Suisse

EUR/USD extends the advance for the fifth consecutive session on Wednesday. A break above 1.0802/06 would clear the way toward the year-to-date high of 1.1035, analysts at Credit Suisse report.

Support moves higher to 1.0631

“We continue to look for a break above price resistance at 1.0802/06 to reassert an upward bias for strength back to the 50% retracement of the 2021/2022 fall at 1.0944, then a retest of the 1.1035 YTD high.”

“Support moves higher to 1.0631 initially. Only below 1.0463 would be seen to mark a ‘head & shoulders’ top and a potentially more significant downturn.”