EUR/USD: Breakout above 1.0944 suggests further gains towards 1.1275 – Credit Suisse

EUR/USD has broken above major resistance at 1.0944, suggesting further gains, economists at Credit Suisse report.

Support moving to 1.0944/30 

“EUR/USD has broken decisively above our prior target at 1.0944/63 – the 50% retracement of the 2021/2022 fall and the upper end of the trend channel from last September, even earlier than we had expected. We believe this breakout should hold and open up an eventual move to 1.1185, then 1.1275, which is the 61.8% retracement of the 2021/22 fall.” 

“Short-term support now moves to the 1.0944/30 breakout point, which should ideally hold.”