EUR/USD’s corrective setback is already over. Economists at Crdit Suissenow look for a retest and then eventual break above 1.0736/88 for a move to 1.0900/44.

Support at 1.0630 set to hold

“The corrective setback is most likely already over and we look for a retest of key resistance at 1.0736/88 – the recent high, May and June 2022 highs, and 61.8% retracement of the 2022 decline. Whilst a fresh setback from here should be allowed for, we continue to look for an eventual clear break for a test of 1.0900/44 – the 50% retracement of the entire 2021/2022 fall.” 

“Support at 1.0636/30 ideally holds to keep the immediate risk higher. A break can see a deeper setback to 1.0580, potentially 1.0546.”