EURUSD is expected to hold its 200-Day Moving Average at 1.0430 on a closing basis for now. However, economists at Credit Suisse expect to see an eventual break for a move to the 38.2% retracement of the 2021-2022 downtrend at 1.0612/15.
Support for a pullback is seen at 1.0271
“EURUSD is currently testing the falling 200DMA, currently at 1.0430. Whilst this may cap at first on a closing basis for a pullback, our bias is for a closing break in due course and for further strength to the 38.2% retracement of the entire 2021-2022 downtrend and late June high at 1.0612/15, which we then look to prove tougher resistance.”
“Support for a pullback is seen at 1.0271 initially, with 1.0097/95 now ideally holding further weakness.”