Broker of the Week Oanda - Read Full Review

Free Top Brokers Comparison Service

HELP ME CHOOSE START QUIZ

EUR/USD to prolong the corrective phase while below 1.2231 – Credit Suisse

[ad_1]

EUR/USD has recovered strongly after holding as expected the 38.2% retracement of its November/January rally and 55-day average at 1.2065/54, but with a break above 1.2223/31 needed to confirm the correction is over and the core uptrend resumed, per Credit Suisse.

Key quotes

“EUR/USD has recovered as expected after falling to test and hold our first downside objective at 1.2067/54 – the December low, 38.2% retracement of the November/January rally and rising 55-day average. Strength though has been capped at the 13-day average, currently at 1.2167 and with a small ‘head & shoulders’ top still in place there remains the risk for further corrective weakness yet before the broader uptrend resumes.” 

“Support moves to 1.2102/00 initially, then 1.2085. Below 1.2054 on a closing basis can see support next at the September high at 1.2011 ahead of the 23.6% retracement of the entire 2020/2021 uptrend at 1.1945, with the ‘measured top objective’ at 1.1924/14. We would then look for an attempt to establish a fresh and ideally important floor here.” 

“Above 1.2167 can see strength extend further to 1.2179/80, then 1.2223/31, but with this needing to be cleared to negate the top to suggest the corrective setback is coming to an end for a move back to the 1.2350/55 highs.”

 

[ad_2]

Source link

We will be happy to hear your thoughts

Leave a reply

Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

Advertiser Disclosure: Brokerspilot.com helps investors across the globe by spending over hours each month testing and researching online brokers.

How do we make money? Our partners compensate us through paid advertising.

While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

While Brokerspilot.com has some data verified by industry participants, it can vary from time to time.

Operating as an online business, this site may be compensated through third-party advertisers.

Our receipt of such compensation shall not be construed as an endorsement or recommendation by Brokerspilot.com, nor shall it bias our reviews, analysis, and opinions.

en_USEnglish
Best Forex Brokers Reviews
Logo
Reset Password
Compare items
  • Total (0)
Compare
0