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- EUR/USD stars to show more concerted signs of failure from the top of its five-month channel – Credit Suisse
EUR/USD stars to show more concerted signs of failure from the top of its five-month channel – Credit Suisse
We are starting to see signs of EUR weakness on a broad basis with EUR/USD strength stalling noticeably, economists at Credit Suisse report.
Move above 1.1097 would suggest we can see one final leg higher
“EUR/USD looks to be seeing more definitive signs of rejecting resistance form the top of the shallow uptrend channel from the beginning of January, with daily and weekly momentum deteriorating sharply.”
“Below support at 1.0942 has set a near-term top and we look for a test of the 55-DMA at 1.0831, which ideally holds on a closing basis. Below though would warn of a potentially more important downturn and a test of support at 1.0540/1.0483.”
“Above 1.1097 though would suggest we can see one final leg higher to our 1.1185/1.1275 core target – the 61.8% retracement and March 2022 high. Our bias remains to look for an important top here.”
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