The EUR/USD experienced a dramatic drop on Wednesday, breaking below the key support zone at 1.1495 / 93, the March 2020 high and a 50% retracement from the 2020/2021 uptrend. This should trigger a resumption of the central downtrend, with the next short-term support at 1.1370, with room for 1.1290 in the medium term, in the opinion of the Credit Suisse economists.
Resistance moves down at 1.1513 / 24
“EUR / USD has finally decisively broken below the main support at 1.1495 / 93, significantly reinforcing our central bearish view. This collapse itself came after the rejection of key resistance from its 55-day downtrend (and June downtrend) at 1.1670 / 95, with a major top also remaining in place, which remains the technical feature. key. Also, short-term momentum is accelerating. “
“We are looking for a resumption of the central downtrend, with the next minor support seen at 1.1377 / 70, before the 61.8% retracement at 1.1300 / 1.1290, where we would expect to see another pause.”
“Short term resistance moves to 1.1513 / 24, which ideally limits to keep the market skewed directly to the downside. Next resistances are seen at 1.1609 / 18, then more importantly at 1.1670 / 95 “.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
