EUR/USD remains on course to test pivotal support from the lower end of its broad range, seen starting at 1.1769 and stretching down to 1.1703/1.1695, as reported by the Credit Suisse analyst team.
EUR/USD to test key support from the lower end of its broad range starting at 1.1769
“EUR/USD continues to fall sharply following its rejection from ahead of 1.2350 and break of its 200-day average and is on course to test the lower end of its broad range, seen starting at 1.1769 and stretching down to 1.1703/1.1695. Our bias remains to look for a fresh floor here and swing higher in the range.”
“A close below 1.1695 though would mark an important top and change of trend lower, with support then seen next at 1.1612/04, then the key March 2020 high at 1.1495.”
“Above 1.1945 is needed to ease the immediate downside bias and above 1.1976 to mark a near-term base for a move back to 1.2070.”