EURUSD: Scope for a recovery to 1.0350/90 – Credit Suisse

EURUSD has extended its recovery and with weekly MACD momentum having already also turned higher, economists at Credit Suisse see scope for a deeper recovery, potentially back to 1.0350/90.

Weekly MACD momentum has crossed higher

“With weekly MACD momentum turning higher and with resistance from the 55-day average and downtrend from February broken we see scope for a deeper recovery to 1.0198/1.0201, potentially the key price pivot at 1.0350/90. With the falling 200-day average not far above at 1.0460, we would expect this to prove a major barrier.”

“Below 0.9704 stays 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.”