- Analytics
- News and Tools
- Market News
- EUR/USD to resume the core downtrend towards the 1.1290 mark – Credit Suisse
EUR/USD to resume the core downtrend towards the 1.1290 mark – Credit Suisse
EUR/USD remains in a range for now above 1.1495/93 – the March 2020 high and 50% retracement of the 2020/2021 bull trend. Nevertheless, a major top remains in place and analysts at Credit Suisse still look for a resumption of the core downtrend, with scope for 1.1290 over the medium-term.
EUR/USD remains in a range above key support at 1.1495/93, with a break increasingly close
“EUR/USD remains in a short-term range for now after the pair has repeatedly been floored above major support at 1.1495/93. Nevertheless, our bias stays lower and we believe a breakdown is increasingly imminent ahead of US CPI today, with the recent decisive rejection of key resistance from its falling 55-day average (and downtrend from June) at 1.1666/95 still the key technical feature.”
“A major top also remains in place, reinforcing the case for a resumption of the core downtrend and a clear break below the 1.1524/13 October lows. Below here and 1.1495/93 would trigger a move to support then seen next at 1.1377/70, before the 61.8% retracement at 1.1300/1.1290, where we would expect to see another pause.”
“Mid-range resistance stays at 1.1609/18, which ideally caps over CPI today. We shall maintain an immediate tactical bearish bias though whilst below 1.1693/95.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
