The EUR/USD seems to be under pressure again. The current expected consolidation remains temporary before a retest and eventual break of the recent low at 1.0806, they report. Credit Suisse analysts.
Consolidation remains seen as temporary
“We remain of the view that the current consolidation is temporary before the broader trend turns down again. Short-term support is seen at 1.0950, ahead of 1.09, below which should clear the way for a retest of uptrend support from the early 2017 low and recent low at 1.0825/06. While a further hold should be allowed here, we continue to look for a sustained break to the downside in due course.”
“Below 1.0806 we see support next at 1.0775/66, ahead of 1.0727 and finally 2020 low at 1.0635.”
“Needs over 1.1070/72 to alleviate immediate bearish bias for strength back to 1.1120 and then recent high and Fibonacci retracement at 1.1138/45 potentially to 1.1275 but fresh sellers expected here.”
Source: Fx Street
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