EUR/USD could break below 0.99 and drop to 0.96 – Credit Suisse

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The Credit Suisse economists expect a conclusive break of the support at 0.9900 in the EUR/USD for a drop to its 0.9609/0.9592 target and likely lower in due course.

Initial resistance at 1.0090/97

“EUR/USD briefly flirted with a move below the 78.6% retracement of the 2000/2008 uptrend at 0.9900 this week and although it has not held so far, our bias remains for a conclusive breakout. This would leave the way clear for a move towards our next target of 0.9609/0.9592“.

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“Although we would look for a further consolidation phase at 0.9609/0.9592, we see no reason not to look for a break below this area in due course with support at 0.9330.

“The resistance initially holds at 1.0090/97with the 55-day moving average at 1.0185 ideally limiting further strength if watched.”

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Source: Fx Street

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