FXStreet reports that the Credit Suisse analyst team notes that EUR/USD has essentially held price support at 1.1995/90, just ahead of the 38.2% retracement of the March/April rally at 1.1980, whilst also maintaining a foothold above the 55 and 200-day moving averages. The next important resistance is seen at 1.2103, then 1.2151/60.

“EUR/USD has essentially held price support at 1.1995/90. The subsequent recovery has been impressive, with the market breaking above price resistance at 1.2077, which suggests strength back to 1.2103 initially, ahead of the 1.2151/60 recent high.”

“Beyond the 1.2151/60 region, the pair can see resistance at the 78.6% retracement of the Q1 fall at 1.2212, with scope for the 1.2243 February high.” 

“Support moves to 1.2044 initially, then 1.2013, with key still 1.1990/80. Below here is needed to rekindle thoughts of a near-term top for a test of next supports at 1.1948/42, the 200-day average and mid-April ‘outside day’ low.”