Home EUR/USD: Below 1.1764/54 Would Mark A Top And A More Concerted Retracement Lower – Credit Suisse
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EUR/USD: Below 1.1764/54 Would Mark A Top And A More Concerted Retracement Lower – Credit Suisse

What is the technical outlook for EUR/USD?

Here is their view, courtesy of eFXdata:

Credit Suisse discusses EUR/USD technical outlook and  flags a scope for a top and a more concerted retracement lower on a break below 1.1764/54.

“With key price support from the recent lows seen just below at 1.1764/54, we would look for an attempt to find a floor here at first. But with a potential momentum top in place and a bearish divergence  the risk for a top is seen increasing and below 1.1754 can confirm a top to open the door to a more concerted move lower with support seen next at 1.1699/89 – the August low and 38.2% retracement of the rally from late June – then what we look to be better support from the 55 -day average and 50% retracement at 1.1598/90,” CS notes.

Immediate resistance moves to 1.1859, above which is needed to ease the immediate downside bias with resistance then seen next at 1.1878, then 1.1913. Above 1.1930 is needed to suggest the correction is over for a resumption of the uptrend and a move back to 1.2011 and eventually 1.2145/55,” CS adds.

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Kenny Fisher

Kenny Fisher

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.