EUR/USD stays on course for a test of key price & 38.2% retracement support at 1.0483/63 which needs to hold to avoid a top, analysts at Credit Suisse report.

Break above 1.0806 remains needed to reassert an upward bias

“EUR/USD is seen on course to break its 1.0532 recent low for a test of key support from the 38.2% retracement of the 2022/2023 rally and early January YTD low at 1.0483/63 and our bias remains for this to hold for a broad range.” 

“Below 1.0463 would now warn of a ‘head & shoulders’ top and a potentially more significant downturn, although we would still need to see the 200-DMA at 1.0328 removed to suggest this is indeed the case for support next at 1.0223/1.0198.”

“Above 1.0806 remains needed to reassert an upward bias for strength back to the 50% retracement of the 2021/2022 fall at 1.0944.”