EUR/USD: Break above 1.1920 to turn the trend higher – Credit Suisse

EUR/USD has held high-level support to leave the spotlight again on its key downtrend and price resistance at 1.1903/20. A break above here remains needed to suggest the consolidation phase from September is finally over for a resumption of the core bull trend, analysts at Credit Suisse apprise.

Key quotes

“EUR/USD has held not only price support at 1.1808 but also its rising 13 -day average, now at 1.1832 and we look for a fresh attempt to move higher from here with key resistance seen at the downtrend from September at 1.1903.” 

“Above price resistance at 1.1920 though remains needed to confirm we are finally seeing the consolidation from early September coming to an end for a resumption of the core uptrend as looked for with resistance seen at 1.1962/66 next, then the 1.2011 September high and eventually our 1.2145/55 first core upside objective – the ‘neckline’ to the early 2018 top and 78.6% retracement of the 2018/2020 bear trend. Whilst we would expect a fresh phase of consolidation from here, our broader outlook stays positive for an eventual move above 1.2500. “

“Near-term support moves to 1.1864, with an attempt to hold 1.1842/32 now looked for. Below 1.1808 can raise the prospect of further consolidation and a move back to 1.1788 and then 1.1745/25, which we look to remain bett er support.”