The EUR/USD It aggressively broke below key support at 1.0350/41 on Tuesday. This break suggests a quick move in the next 2-4 weeks towards 1.00/00.99, where analysts at Credit Suisse they await another phase of consolidation.
Opening of a movement towards parity
“EUR/USD has broken below key price support from year and 2017 lows at 1.0350/41, which we consider to be a very important break, suggesting further weakness over the next 2-4 weeks towards parity /0.99. Thereafter, our bias would be for another phase of consolidation to emerge, similar to what we saw in May/June.”
“Ideally the market should stay below 1.0341/66 in the short term. Next resistance above here is seen at 1.0489, above which would point to a false breakout and further swing which is not ours short-run base case.
Source: Fx Street
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