EUR/USD is set to hold support at 1.0483/63 to maintain a broader range, according to analysts at Credit Suisse.

Break below 1.0463 to warn of a more significant downturn

“Near-term risk stays seen lower for a deeper corrective setback to next support at the 38.2% retracement of the 2022/2023 rally and early January YTD low at 1.0483/63. We look for this to prove better support if tested though and to act as the bottom end of a broad ~1.05-1.10 range for now.” 

“Below 1.0463 would warn of a potentially more significant downturn, although we would still need to see the 200-DMA at 1.0331 removed to suggest this is indeed the case.”

“Above 1.0806 remains needed to clear the way for strength back to test the 50% retracement of the 2021/2022 fall at 1.0944. An eventual weekly close above here should see a move back to the 1.1035 current YTD high and eventually what we look to be tougher resistance at 1.1185/1.1275.”

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