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EUR/USD’s challenge of key support at 1.1097/1058 – the 200-day average, 50% retracement level and price support – has led to fresh buying for a bounce higher, notes Credit Suisse.
"However, we view this as corrective in nature, and look for fresh selling to show on approach of 1.1217/43," CS projects.
"Below 1.1058 is needed to suggest further downside bias for trendline support at 1.0959/41 initially, ahead of the March lows at 1.0826/22.
Resistance shows at 1.1187/90, with a break above 1.1244 needed to ease the downside bias for a recovery towards 1.1297/301,"
CS adds.
In line with this view, CS runs a limit order to sell EUR/USD at 1.1215 targeting a move to 1.1105
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