EUR / USD weakness has accelerated sharply in the last week, breaking key support at 1.1495 / 93. The next notable support is also seen nearby at 1.1310 / 1.1290, where economists from Swiss credit expect a temporary pause. However, they expect to see more weakness towards 1.1020 / 00.
Resistance moves to 1.1513 initially
“EUR / USD is falling sharply again and has easily broken below its next key support and our first target at the March 2020 high and the 50% retracement of the 2020/2021 uptrend at 1.1495 / 93 This already leaves the market on the cusp of our next key support / target of the 61.8% retracement and the Fibonacci projection support at 1.1310 / 1.1290. “
“Our bias is still that 1.1290 is held at the beginning for a consolidation phase, but with a main ‘shoulder, head and shoulders’ formation in that area, we expect a eventual breakout and a drop to 1.1020 / 00.”
“Resistance moves to 1.1513 initially, with 1.1609 / 18 now ideally limiting the pair.”
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