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- EUR/USD: Scope for a substantial drop to the 1.1020/00 zone – Credit Suisse
EUR/USD: Scope for a substantial drop to the 1.1020/00 zone – Credit Suisse
FXStreet reports that economists at Credit Suisse discuss EUR/USD prospects.
“EUR/USD has seen a conclusive move below major support from its March low and 38.2% retracement of the entire 2020/2021 uptrend at 1.1703/1.1695. This finally marks a major top and important change of trend lower, opening the door to a fall to the March 2020 high and 50% retracement at 1.1495/93.”
“Whilst we would expect 1.1495/93 to hold at first, the size of the top suggests an eventual break lower will be seen, with support seen next at 1.1290. Whilst we would expect a fresh hold at 1.1290, we continue to see the broader risks skewed to the downside, with support seen next at 1.1020/00.”
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