EUR/USD to enjoy further toward the 1.0788 May high, then 1.0892/1.0944 – Credit Suisse

EUR/USD’s strength has stalled near-term. Nevertheless, economists at Credit Suisse stay bullish for the 1.0788 May high, then the 50% retracement of the 2021/2022 downtrend at 1.0944

EUR/USD weakness stays seen as corrective

“Resistance is seen initially at 1.0696, above which should see strength back to 1.0736/47, then the 1.0784/88 May highs. Whilst we would look for this latter level to cap at first, we are biased to a break in due course for a move to what is now our main objective of the 50% retracement of the 2021/2022 fall and broken trend resistance from January 2017 at 1.089 2/1.0944.” 

“Below 1.0510/06 would suggest a deeper corrective setback can emerge with support seen next at 1.0443 but with fresh buyers expected to show here.”