EUR/USD to extend its setback to 1.1695 – Credit Suisse

EUR/USD is hovering around 1.19 and analysts at Credit Suisse continue to not only look for the pair to retest its 200-day average around 1.1840 but also to see a break lower for a fall to 1.1700/1.1695.

Key quotes

“EUR/USD is holding for now as looked for its 200-day average at 1.1840/35. We maintain our view though that recent strength has been corrective and we look for a retest and the break below 1.1835 for a deeper fall to the 38.2% retracement of the 2020/2021 uptrend at 1.1695, with a major floor looked for here.”

“Resistance at 1.1991/92 ideally continues to cap. Only back above 1.2113/21 would suggest the correction is over to reassert the broader uptrend.”