EUR/USD to enjoy further gains on a break above key resistance at 1.1483/95 – Credit Suisse

A dramatic session for EUR/USD has seen the market surge sharply higher post the European Central Bank (ECB). A close above key price resistance at 1.1483/95 would mark a more important base, allowing further gains, economists at Credit Suisse report.

EUR/USD to see a more important base established above 1.1483/95

“A weekly close above key resistance at the January and March 2020 highs at 1.1483/95 would be seen to complete a base to provide the platform for a more sustained move higher. We would then see resistance next at 1.1513/24, then the 38.2% retracement of the 2021/2022 fall at 1.1558.” 

“Whilst we would look for a fresh cap at 1.1558, certainly at first, a break in due course can see strength extend to test what we would look to be tougher resistance from its falling 200-day average, now seen at 1.1678.” 

“Support is seen at 1.1445 initially, with an immediate upside bias seen whilst above 1.1414. Below can see a pullback to 1.1376/71, then 1.1331, but with a break below 1.1268/66 needed to see the risk turn lower again.”