EUR/USD: The spotlight stays on the 200-DMA at 1.1826 – Credit Suisse
EUR/USD has maintained as required at the arising 200-day moving average (DMA), currently seen at 1.1826, and analysts at Credit Suisse proceed to seem for a platform here, for now at least. The big picture though the peril is seen rising for a split lower to expose the 38.2% retracement of the entire 2020/2021 uptrend at 1.1695.
“EUR/USD has balanced for now as expected just ahead of our target of the rising 200-day average, right now it seems at 1.1826. With the additional value resistance not far below the late November low at 1.1800, we keep on searching for a story in this 1.1823 zone, for the present at any rate.”
Resistance for recuperation stays seen at 1.1916 initially, with 1.933/47 seen as a close-term key. Above here is needed to confirm a near-term floor is indeed in place, clearing the way for a recovery back to 1.1991, not only value resistance but also the 38.2% retracement of the fall from late of February and 13-Day exponential average, which we would hope to demonstrate an intense beginning obstruction.
Post a close term bound back, our bias stays lower for a closing break of 1.1826 to see the risk stay directly bearish with support then seen next 1.1800 in front of the 1.1745 and afterward more importantly at the 38.2% retracement of the entire 2020/2021 uptrend at 1.1695, with a new floor expected here.