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Aug 18 - 09:55 AM

EUR/USD: A Clear Break Of 1.1695 Can Complete A M-Term Top For 1.604 Ahead Of 1.1493 - Credit Suisse

By eFXdata  —  Aug 18 - 08:30 AM

Credit Suisse discusses EUR/USD technical outlook and highlights the importance of 1.1703/1.1695 for near-term directional bias.

"With the EUR itself having broken major support in outright terms we continue to look for a clear and sustained move below 1.1703/1.1695 to mark the completion of a large “head & shoulders” top and important change of trend lower, with support then seen next at the September and November 2020 lows at 1.1612/04. Whilst this should be allowed to hold at first, below in due course should see a test of 1.1495/93 – the key March 2020 high and 50% retracement of the 2020/2021 uptrend," CS notes. 

"Resistance is seen at 1.1760 initially, then 1.1785, with the immediate risk see n staying lower whilst below 1.1810. Above would ease the immediate bearish pressure for a recovery back to 1.1838/58," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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