EUR/USD is expected to see an eventual break above its downtrend from May 2021 and 50% retracement at 1.0931/44, analysts at Credit Suisse report.

Break under 1.0750/14 would warn of a fall back toward 1.0590

“Whilst we see scope for further consolidation beneath key resistance from the 50% retracement of the 2021/2022 fall and downtrend from May 2021 at 1.0931/44, we continue to look for an eventual break for a retest of the 1.1035 YTD high. Whilst this should continue to be respected, we see no reason not to look for an eventual break for a test of 1.1185/1.1275 – the 61.8% retracement and March 2022 high.”

“Support at 1.0750/14 now ideally holds. A break would warn of a fall back to the uptrend from last September, currently at 1.0590.”