The consolidation of EUR/USD remains temporary before an eventual sustained break below the lows of 2017 and the last few years at 1.0350/41, in the opinion of Credit Suisse economists.
Further consolidation seems likely
“EUR/USD extends its consolidation but remains capped below its recent high at 1.0601. With more significant price resistance and the 55-day falling not far above at 1.0621/27, our bias remains the of a top here and that of a further turn lower and an eventual resumption of the broader downtrend.”
“Support moves to 1.0512 initially, then 1.0469, below which you should see risk turning down again to retest key price support from yearly and 2017 lows at 1.0350/41. Keep looking an eventual break below here, which should act as a catalyst for a resumption of the core downtrend, with support seen next at 1.0217/09 and eventually parity/0.99.”
Source: Fx Street
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