EUR/USD is now in a short-term consolidation phase following the sharp reversal lower last week and is bouncing from the bottom of the medium-term channel downtrend, analysts at Credit Suisse brief.
“A clear and conclusive break beneath pivotal supports at 1.0815/1.0752 would see the downswing accelerate further, with next key support seen at the April 2017 low at 1.0570, before the February 2017 low at 1.0494.”
“Resistance at 1.1083/1146 ideally caps the rebound higher. Above would suggest the market is undergoing another turn higher within the shallow channel downtrend.”
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