EUR/USD: Move below 1.1754 to mark an important turn lower – Credit Suisse

EUR/USD topping threat continues to rise sharply and below 1.1754 would see this confirmed to mark an important turn lower with support then seen at 1.1699/89, the Credit Suisse analyst team reports.

Key quotes

“The threat of a top remains and a move below 1.1780 would add weight to this view with key then the recent lows at 1.1764/54. Beneath here would see a top established to open the door to a more concerted move lower with support seen next at 1.1699/89 – the August low and 38.2% retracement of the rally from late June – then what better support from the 55-day average and 1.1627.” 

“Immediate resistance moves to 1.1849, with a move above 1.1866/68 now needed to ease the immediate downside bias with resistance then seen next 1.1913. Above 1.1930 is needed to suggest the correction is over for a resumption of the uptrend and a move back to 1.2011 and eventually 1.2145/55.”