EUR / USD will face resistances of 1.1287 and 1.1311 before testing the main barrier of 1.1367 / 77 – the 38.2% retracement of the 2018/2020 fall and the potential downtrend to from the start of 2018, according to the report by the Credit Suisse team of analysts.
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“With the overbought market, a sharp decline should be allowed, but we think the declines will be well sustained with resistance seen then at 1.1287, before the retracement of 78.6% and” the basic objective measured ” at 1.1311. ”
“Overall, the 38.2% retracement of the entire 2018/2020 downtrend and the long-term downtrend from 2018 at 1.1367 / 77 are considered the primary test of resistance, which should be a much more difficult barrier. “
Support drops to 1.1184 / 82 initially, with 1.1166 / 54 to maintain to keep the immediate risk higher. A breakout can see a setback at 1.1115 / 10, potentially the 13-day average at 1.1069 / 66, but with new buyers expected from here. “