EUR/USD: Breakout Needed; Cable: Stay Bullish For 1.7044 - Credit Suisse
From efxnews.com
EUR/USD saw a roller-coaster session mid-week, initially selling off below the rising 55-day average at 1.3798, before staging an aggressive rally from trendline support from July 2013, notes Credit Suisse. This, according to CS, left the market re-testing and stalling around the 1.3880 recent high and above which should offer a fresh look at the 1.3906 April high. "A break above here is seen as the trigger for a move back to the March high at 1.3967, potentially medium-term "wedge" resistance at 1.4004/08," CS projects. "Support shows initially at 1.3816 ahead of trend support at 1.7775/63. Below here is needed to ...
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