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Jul 26 - 10:55 AM

EUR/USD: Resistance At 1.1831 Capping Keeps Immediate Risk Lower For 1.1695 - Credit Suisse

By eFXdata  —  Jul 26 - 09:30 AM

Credit Suisse discusses EUR/USD technical outlook and maintains a tactical bearish bias in the near-term.

"The immediate risk is still seen lower whilst capped below the 13 -day exponential average and recent high at 1.1808 and 1.1831, respectively. Below 1.1754/52 should add weight to our view we are seeing the formation of a large “head & shoulders” top to mark an important change of trend lower with support seen next at 1.1737, then the YTD low and 38.2% retracement of the entire 2020/2021 bull trend at 1.1703/1.1695," CS notes. 

"A close above 1.1831 though would ease the immediate downside bias to clear the way for a deeper recovery within the broader range with resistance then seen next at 1.1852 initially ahead of 1.1877/82," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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