EUR/USD: First sign of rejection from the 200-day average – Credit Suisse

The EUR/USD pair has just broken below the  1.0901/1.0897 support after reversing sharply from important resistance at the early May high and 200-day average at 1.1009/19, Credit Suisse’s analysts brief.

Key quotes

“Below the 1.0897 broken support, EUR/USD provides the first sign of rejection from the 200-day average to see a fall back to the 13-day average at 1.0889, below which would suggest a deeper turn back lower in the range to re-expose the confirmed uptrend from the March low at 1.0804.”

“A close above 1.1019 would mark a more significant base and important turn higher, with resistance next at 1.1065, then 1.1145/66 – the late March high and 61.8% retracement of the March collapse.”