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Jul 25 - 09:55 AM

EUR/USD: Strength Seen As Corrective Ahead Of Core Downtrend Resuming For A Retest Of Parity - Credit Suisse

By eFXdata  —  Jul 25 - 09:21 AM

Credit Suisse discusses EUR/USD technical outlook and maintains a bearish bias over the coming weeks.

"EURUSD extends its consolidation from our long-held parity/.9900 objective and we maintain our view that this is a temporary pause ahead of an eventual break lower in due course. Strength for now is still capped at the 38.2% retracement of the May/July fall at 1.0271 and below 1.0130/20 would increase the likelihood that the correction may already be over for a retest of parity/.9900," CS notes. 

"Although a fresh hold here should be looked for, an eventual break would be seen to clear the way for support next at .9862 and eventually our next core objective at .9609/.9592. Above 1.0270/77 though can see a deeper, but still corrective recovery to test the point-of-breakdown from the bearish continuation pattern at 1.0341/66. We would then look for better sellers to start to show here. Should strength extend we would see scope for a test of the 55-day average, currently at 1.0463," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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