EUR/USD maintains its conclusive break below major support at 1.1703/1.1695, which finally confirmed a major top for the market. Economists at Credit Suisse believe the pair can free-fall to the 1.1020/00 region.
EUR/USD staying core bearish
“We look for a fall to the March 2020 high and 50% retracement at 1.1495/93 next, where we would expect a fresh pause. However, the size of the top suggests an eventual break lower will be seen, with support seen next at 1.1290.”
“Whilst we would expect a fresh hold at 1.1290, we continue to see the broader risks skewed to the downside, with support seen next at 1.1020/00.”
“Short-term resistance moves to 1.1643/63, which we now expect to cap the market to keep the market biased directly lower.”
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