- Analytics
- News and Tools
- Market News
- EUR/USD to turn bearish again towards the 1.0350/41 support zone – Credit Suisse
EUR/USD to turn bearish again towards the 1.0350/41 support zone – Credit Suisse
EURUSD is now very close to a series of retracement resistances around 1.0787/0822. Economists at Credit Suisse we look for a turn back lower from here, for a move to 1.0608/0599 initially, then 1.0350/41.
Resistance at 1.0839 expected to cap
“EUR/USD has now seen the anticipated recovery to the 38.2% retracement of the fall from February, the 55-day average and the mid-April lows at 1.0758/87. We expect a much tougher barrier here and for the medium-term downtrend to reassert itself from here and we therefore now turn tactically bearish again.”
“We note that there is further important resistance just above at 1.0822/39, which includes the back of the broken uptrend from 2017, where we look for a solid cap.”
“Support moves to 1.0642, then 1.0608/0599, below which would confirm that the risks have turned lower again for a retest of 1.0350/41.”
“Above 1.0822/39 is not our base case, however it would trigger a deeper-than-expected recovery, with the next level at 1.0923/37.”
© 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
