Credit Suisse: EUR/USD continues to consolidate recent losses - eFXnews

By FXstreet.com | Updated July 28, 2014 AAA

FXStreet (Łódź) - The eFXnews team comment on Credit Suisse’s technical setup for EUR/USD, suggesting that the pair holds a bearish "wedge" and a “head & shoulders” top for 1.3374 initially, then 1.3248.



Key quotes



“We look for further weakness to 1.3399 initially, then the 50% retracement of the 2013/14 rise at 1.3374.”



“We allow for a bounce here ahead of our target at 1.3248/28 – the 38.2% retracement of the entire 2012/2014 uptrend.”



“While we would expect this to hold at first, bigger picture, we see scope for 1.2755.”



“Resistance shows at 1.3486/95 initially, above which can see a move back to 1.3531, with 1.3550/53 ideally capping to keep the immediate risk lower.”



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