EUR/USD: A close above 1.1019 would confirm a base with resistance then at 1.1145/66 – Credit Suisse

Above key resistance at 1.1009/19 on a closing basis, EUR/USD would mark an important base with resistance then seen at 1.1145/66, per Credit Suisse.

More: Four risks threatening the EUR/USD leg higher

Key quotes

“A close 1.1019 would see a base achieved to mark a more significant turn higher with resistance next at 1.1065, then 1.1145/66 – the late March high and 61.8% retracement of the March collapse. Whilst we would expect to cap at first, a direct break can see resistance next at 1.1237, with the 78.6% retracement at 1.1311 and with the 38.2% retracement of the entire 2018/2020 bear trend at 1.1369.” 

“Support is seen at 1.0984 initially then 1.0955, with the 13-day average and yesterday’s low at 1.0934/32 needing to hold to keep the immediate risk higher in the range. A break can see a fall back to 1.0870/64.”