EUR/USD remains well supported above 1.2105, on course for 1.2350 - Credit Suisse

FXStreet notes that EUR/USD reversed sharply from the 1.2243/46 February high on Wednesday. Nevertheless, the pair remains well supported above the uptrend from the March low at 1.2105, keeping the market on course for 1.2324/50, in the view of analysts at Credit Suisse.

“The EUR/USD pair remains well supported above the confirmed uptrend from the 2021 low at 1.2105/03 and we therefore maintain an upward bias.” 

“A break above 1.2243/45 would then expose the top of the broader range, the YTD high and the potential downtrend from 2018 at 1.2324/1.2350, which is expected to be an even tougher resistance.” 

“A key driver of the recent move higher in our view has been the tightening in US/Germany spreads, which we believe can continue further yet.” 

“Short-term support moves to 1.2159, then intraday support at 1.2125, which ideally holds to keep the risks directly higher."