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- EUR/USD: 1.1894/1.1910 likely to cap for a turn lower again - Credit Suisse
EUR/USD: 1.1894/1.1910 likely to cap for a turn lower again - Credit Suisse
eFXdata reports that analysts at Credit Suisse discuss the technical outlook for EUR/USD and highlight the importance of the 1.1894/1.1910 for near-term directional bias.
"EURUSD strength has stalled as looked for at what we see as ideally tougher resistance at the 38.2% retracement of the May/August fall and July high at 1.1894/1.1910 and we continue to look for this to cap and for the broader risk to turn lower again. Support moves to 1.1833 initially, then the 55-day average and 13-day exponential average at 1.1819/12. Beneath here and then the 1.1793/82 recent lows is needed to suggest the rebound is over and the broader risk has indeed turned lower again with support seen next at 1.1734/26, then 1.1695."
"Should strength extend above 1.1910 though this would reinforce the broader converging range that has dominated all year with resistance seen next at the 50% retracement at 1.1965, with the key 200 -day average now at 1.2004."
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