EUR/USD has extended its setback. However, this phase should prove to be temporary, in the view of analysts at Credit Suisse.
Key level to watch is src.0655 in EUR/USD
“Near-term momentum stays lower, and below src.0695/55 would be seen to warn of a deeper but still, we think corrective setback to next support at the 38.2% retracement of the 2022/2023 rally and early January YTD low at src.0483/63. We look for this though to prove better support if tested.”
“Above src.0802/06 is needed to clear the way for strength back to test the 50% retracement of the 202src/2022 fall at src.0944. A weekly close above here should see a move back to the src.src035 current YTD high and eventually what we look to be tougher resistance at src.srcsrc85/src.src275.”
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