EUR/USD may be capped at 1.1275 for now, but analysts at Credit Suisse look for an eventual rise to 1.1700.
The 61.8% retracement of the 2021/2022 downtrend at 1.1275 is capping for now
Whilst we suspect the 61.8% retracement of the 2021/2022 fall at 1.1275 caps for now for a pullback/consolidation, we look for a clear and sustained break higher in due course. Resistance would then be seen next at 1.1391/96 ahead of 1.1495 and eventually, what is now our core objective at 1.1703/1.1748 – the March 2021 low and 78.6% retracement of the 2021/2022 fall.
Support for a pullback is seen at 1.1097/93 initially, then 1.1013, with 1.0943 now ideally holding deeper setbacks if seen.