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- EUR/USD to suffer a quick move lower below 1.0825/06 – Credit Suisse
EUR/USD to suffer a quick move lower below 1.0825/06 – Credit Suisse
EUR/USD has confirmed a short-term bearish “wedge” continuation pattern following the break below 1.0944. Analysts at Credit Suisse look for a quick move lower.
Bear “wedge” continuation pattern suggests a quick move lower is likely
“EUR/USD has completed a relatively clear bearish ‘wedge’ continuation pattern following the break below 1.0944. These patterns typically lead to quick moves lower once confirmed and with this in mind, we look for a quick fall to crucial medium-term support at 1.0825/0806, which is the confirmed uptrend from the January 2017 low.”
“A break below 1.0825/0806 would open up a move to the 2018 low at 1.0635, with the potential ‘measured wedge objective’ just above here at 1.0675/74.”
“Resistances at 1.0944 and 1.0989/1008 ideally cap to maintain the bearish ‘wedge’.”
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