Title : EURUSD eyes further consolidation and potentially still, a deeper recovery – Credit Suisse

November 07,2022 09:20 AM ET

By:AnalysisWatch

The EURUSD staged a strong recovery at the end of last week. Further consolidation and potentially a deeper recovery are expected as the weekly MACD momentum has turned higher, analysts at Credit Suisse report.

Support initially stands at 0.9886/83 and resistance at 0.9999.

"With weekly MACD momentum having already crossed to the upside, this raises the prospect of further consolidation and indeed, potentially, a deeper rally." "Above 0.9999, we would see a weight on this view for strength back to the recent high of 1.0095."

"Beyond 1.0095, we can see resistance at the September high and the 23.6% retracement of the 2021/2022 downtrend at 1.0198/1.0201, where we would look for a top."

"Support is seen at 0.9898 initially, then the 13-day and 55-day averages are at 0.9886/83, which we would try to hold." Below, we could see a drop to 0.9840, then 0.9796.