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- EUR/USD: Flooered at L/Term key support; further recovery ahead - Credit Suisse
EUR/USD: Flooered at L/Term key support; further recovery ahead - Credit Suisse
eFXdata reports that Credit Suisse discusses EURUSD technical outlook and sees a scope for further recovery within the medium-term downtrend.
"EURUSD has been floored as expected by the long-term potential uptrend from 2000 at 1.0778/51 and although the market remains in a clear medium term downtrend, we think the risks are likely that we see a reversal back higher within the shallow downtrend, very much in line with the previous immediately reversed breakdowns that we have seen during this shallow downtrend," CS notes.
"In contrast, a move below 1.0751 would suggest the medium term downtrend is accelerating, with the next support on a break below 1.0778/51 seen at 1.0682, a corrective price low, before a more prominent price low at 1.0569," CS adds.
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