EUR/USD: Scope for a deeper recovery to 1.0198/1.0201, potentially 1.0350/90 – Credit Suisse

Weekly momentum for EUR/USD is starting to turn higher. Thus, analysts at Credit Suisse expect the pair to test the 1.0198/1.0201 resistance zone, potentially 1.0350/90.

Move below 0.9704 needed to reassert the core downtrend

“We see scope for a deeper recovery to 1.0198/1.0201, potentially 1.0350/90, but with this latter area expected to prove a major cap.”

“Below 0.9704 is needed to reassert the core downtrend for a fall back to support at 0.9592/37, with support then seen next at 0.9331/03.”

“Weekly MACD momentum has crossed higher to add weight to our view of lengthier consolidation and probably a deeper recovery.”