EUR/USD has been in a downtrend. What is the technical outlook for the pair?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses EURUSD technical outlook and sees a scope for further recovery within the medium-term downtrend.
“EURUSD has been floored as expected by the long-term potential uptrend from 2000 at 1.0778/51 and although the market remains in a clear medium term downtrend, we think the risks are likely that we see a reversal back higher within the shallow downtrend, very much in line with the previous immediately reversed breakdowns that we have seen during this shallow downtrend,” CS notes.
“In contrast, a move below 1.0751 would suggest the medium term downtrend is accelerating, with the next support on a break below 1.0778/51 seen at 1.0682, a corrective price low, before a more prominent price low at 1.0569,” CS adds.
For lots more FX trades from major banks, sign up to eFXplus
By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.
Share
