EUR/USD to resume the downtrend towards the 1.1019/02 area – Credit Suisse
|EUR/USD has seen a clear break of support at 1.1272. Economists at Credit Suisse view the corrective phase from late November as now over and look for a resumption of the core downtrend to the 1.1019/02 region.
Resistance is seen moving to 1.1244 initially
“With daily MACD momentum having turned lower again, we maintain our view that the corrective phase is over and core downtrend resumed.”
“We look for a retest of the lows of last November and June/July 2020 at 1.1186/68. We look for this support to now be ideally removed with ease with support then seen next at 1.1046 ahead of our 1.1019/02 main objective – the 78.6% retracement of the 2020/2021 bull trend and top of the base from April/May 2020. We would then look for a fresh phase of consolidation to develop from here.”
“Resistance is seen moving to 1.1244 initially, then 1.1263, with the immediate risk now seen staying directly lower below 1.1299/1.1312.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.