EUR/USD remains under pressure following the rejection of key resistance at 1.0000/1.0051. Analysts at Credit Suisse look for a fall back to the 0.9537 low.
Initial resistance seen at 0.9818
“Support is seen initially at 0.9683, below which should cleat the way for a move back to the 0.9537 low. We look for a move below here to test the lower end of the downtrend channel from February, today seen at 0.9446, but would look for a fresh rebound from here. Our next core objective remains at 0.9338/30.”
“Resistance is seen initially at the 13-day exponential average and price resistance at 0.9818 which we look to try and cap on a closing basis. Above can see strength back to 0.9927, potentially a retest of 0.9991/1.0005.”