EUR / USD has completed a bearish “outside day” formation from 1.1949 to suggest that the rebound may be over, enabling a pullback to 1.1752, according to analysts’ perspective at Credit Suisse.
Key statements:
“We look for a clear break below 1.1831 to reinforce the decline for a move back to 1.1799, then 1.1773 / 63. Below 1.1754 / 52 it is necessary to see bearish momentum return again for a test of medium term support. at 1.1703 / 1.1695. “
“Below the 1.1703 / 1.1695 area at any stage would mark a large and significant bearish ‘shoulder head shoulder’ formation to mark a significant downtrend reversal, with support seen below and initially at 1.1612 / 04.”
“Resistance moves to 1.1850 initially, then to 1.1873, with 1.1901 / 10 needed to limit the rises, maintaining the bearish ‘outer day’ and the immediate bias towards the south.“
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