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May 05 - 09:55 AM

EUR/USD: False Break Higher; Below 1.1990 Sets A Minor Top For 1.1860 - Credit Suisse

By eFXdata  —  May 05 - 08:37 AM

Credit Suisse discusses EUR/USD technical outlook and flags a scope for bearish turn towards 1.1860.

"EURUSD maintains the weak tone set Friday after closing the week back below key resistance at 1.2100/03 to suggest we have seen a “false ” break higher...The immediate outlook stays seen finely balanced though and we still need to see a break below 1.1995/90 to add weight to this view, as this would set a small intraday top with next supports at 1.1945/42, the 200 -day average and mid - April “outside day” low. Beneath here would then confirm a more important turn lower has indeed been seen with support seen next at 1.1871/60," CS notes.

"Resistance moves to 1.2036 initially, with a break above 1.2077 needed for a move back to 1.2100/03," CS adds.

Source:
Credit Suisse Research/Market Commentary

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