EUR/USD to suffer a substantial drop to 1.1020/00 !
EUR/USD weakness has accelerated sharply over the past week, breaking key support at 1.1495/93. Next notable support is also seen nearby at 1.1310/1.1290, where economists at Credit Suisse expect a temporary pause. However, they expect to see further weakness towards 1.1020/00.
POSSIBLE MARKET MOVES
Our bias remains for 1.1290 to hold at first for a phase of consolidation, but with a major ‘head and shoulders’ top in place, we continue to look for an eventual break in due course and a fall to 1.1020/00.”
“Resistance moves to 1.1513 initially, with 1.0609/18 now ideally capping.
EUR/USD weakness has accelerated sharply over the past week, breaking key support at 1.1495/93. Next notable support is also seen nearby at 1.1310/1.1290, where economists at Credit Suisse expect a temporary pause. However, they expect to see further weakness towards 1.1020/00.
POSSIBLE MARKET MOVES
Our bias remains for 1.1290 to hold at first for a phase of consolidation, but with a major ‘head and shoulders’ top in place, we continue to look for an eventual break in due course and a fall to 1.1020/00.”
“Resistance moves to 1.1513 initially, with 1.0609/18 now ideally capping.