FXStreet reports that analysts at Credit Suisse look for a deeper corrective rebound in EUR/USD to 1.1671, then the 55-day average at 1.1720.
“EUR/USD’s strong rebound suggests a more concerted but still corrective recovery can emerge with resistance seen next at the 38.2% retracement of the September/October fall and price resistance at 1.1663/71. Whilst this should be allowed to cap at first our bias is now for a break in due course for a move to what we look to be tougher resistance from the 55-day average at 1.1720. We would start to look for signs of a fresh peak here.”
“Support is seen at 1.1625/20 initially, then 1.1608 which now ideally holds to keep the immediate bias higher.”