- Analytics
- News and Tools
- Market News
- EUR/USD: 1.0998 to cap for a test of key uptrend support from September last year at 1.0778 – Credit Suisse
EUR/USD: 1.0998 to cap for a test of key uptrend support from September last year at 1.0778 – Credit Suisse
Economists at Credit Suisse continue to look for EUR/USD to hold below retracement resistance at 1.0998 for a test of its uptrend from last September at 1.0778
EUR/USD is in the process of constructing a major top
EUR/USD has been capped at the 78.6% retracement of the 2022/2023 fall at 1.0998, now also the location of near-term downtrend and with the 10yr US/Germany bond yields spread seen in the process of constructing a large base we believe EUR/USD may be in the process of building a large top.
We take a negative bias looking for a fall back to the low of last week at 1.0835 initially, then a test of the uptrend from last September at 1.0778/74. A break below this latter area is needed to add weight to a topping story for a test of the 1.0732 next, then the 1.0634 May low.
Resistance is seen at 1.0934/43 initially, with 1.0998 ideally capping on a closing basis.
© 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
