FXStreet reports that economists at Credit Suisse.discuss EUR/USD prospects.
“Assuming we do not see a close back above the 200-DMA at 1.1196 today, which we do not look for, we look for further weakness within the broader range that has been in place all year. Indeed, support from the 61.8% retracement of the rally from late March has already been removed and we look for further weakness to 1.1867/60 next, then the 78.6% retracement at 1.1823. Whilst we would also look for this to hold at first, below can see weakness extend to potential trend support from the lower end of the converging range, now at 1.1758.”
“With major price and retracement support not far below at 1.1717/1.1695, we look for a fresh floor here.”
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