- Analytics
- News and Tools
- Market News
- EUR/USD to extend its move lower towards 1.1019/02 – Credit Suisse
EUR/USD to extend its move lower towards 1.1019/02 – Credit Suisse
EUR/USD maintains its break below the 61.8% retracement of the 2020/2021 uptrend at 1.1290. Economists at Credit Suisse stay directly bearish for 1.1185/68 next, then 1.1019/02.
Resistance at 1.1375 caps
“With a major ‘head and shoulders’ top in place, our outlook stays directly bearish with support seen next at the late June lows at 1.1185/68.”
“Whilst a temporary hold at 1.1185/68 should be allowed for we look for a break in due course with the ‘measured top objective’ at 1.1075 and with our main objective at the 78.6% retracement and ‘neckline’ to the March/May 2020 base at 1.1019/02. With support from the key long-term uptrend from the 2000 low seen just below here around 1.0970, our bias remains for this latter area to then prove a much more significant floor for the market.”
“Resistance is seen at 1.1276 initially, then 1.1291/93, above which can see a recovery back to 1.1323, but with the recent high and 13-day exponential average at 1.1362/75 ideally continuing to cap.”
© 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
