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- EUR/USD to drop substantially towards the March 2020 high at 1.1495 - Credit Suisse
EUR/USD to drop substantially towards the March 2020 high at 1.1495 - Credit Suisse
FXStreet reports that the Credit Suisse analyst team suggests that EUR/USD is on course for a test of medium-term support at 1.1703/1.1695.
“We stay bearish for a test of medium-term support at 1.1703/1.1695. Although a rebound from 1.1703/1.1695 should be allowed for, our broader bias is for an eventual clear and sustained break in due course.”
“A break below 1.1703/1.1695 would mark the completion of a large and important bearish ‘head & shoulders top’ to mark a significant change of trend lower. We would then see support initially at 1.1662 ahead of the September and November 2020 lows at 1.1612/04, which we would look to hold at first.”
“Resistance moves to 1.1770 initially, above which can see a minor base for a recovery back to the 13-day exponential average at 1.1805/10, with fresh sellers expected here.”
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