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EUR/USD to test the 1.1612 September low – Credit Suisse

EUR/USD below 1.1688/85 sees a more important top established and analysts at Credit Suisse expect this to clear the way for a test of the 1.1612 September low. 

See – EUR/USD: Attention reverts to the 1.1612 September low – Commerzbank

Key quotes

“EUR/USD weakness has accelerated sharply following the removal of the mid-October low at 1.1689/85 and completion of a more important top established and we expect this to clear the way for a test of the 1.1612 September low.”

“Whilst the 1.1612 September low should again be respected, below here in due course would support then seen next at the 50% retracement of the rally from late June at 1.1590 and eventually what should be more important support at 1.1495/85 – the March high and 38.2% retracement of the entire 2020 rally – which we look to prove a solid floor for a resumption of the core uptrend. Should weakness extend, which is not our base case, this would warn of a more damaging reversal lower with support seen next at 1.1425/23.”

“Resistance moves to 1.1695 initially, then 1.1712/18, with 1.1758/61 now ideally capping to keep the immediate risk lower. Above can see a retest of 1.1786/96, but with fresh sellers expected to show here.” 

 

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