FXStreet (Łódź) - The eFXnews team of analysts remark that Credit Suisse sees the EUR/USD breaking below here and 1.3477 to complete a large bear "wedge", while GBP/USD support at 1.7059/52 should hold to avoid a fresh top and a deeper setback.
"EUR/USD is back weighing on key support at 1.3513/03 – the June low, uptrend from July 2012 and 'neckline' support."
"We allow for this to hold further, but favour an eventual break below here and then the 1.3477 low for the year to confirm the complete the expected large bear 'wedge'."
"This should then trigger further weakness to 1.3399 initially, ahead of 1.3248/28 – the 38.2% retracement of the entire 2012/2014 uptrend."
"Resistance shows at 1.3541 initially, then 1.3570/87, above which can see strength back to the downtrend at 1.3611."
"GBPUSD has fallen back in its current range, leaving the immediate focus the low end of the range at 1.7059/52, which must hold to avoid a fresh top, and a deeper setback to 1.7008/1.6998 – the 38.2% retracement of the May/July rally."
"Although we would expect buying here, a break can see weakness extend to price and the rising 55-day average at 1.6952/38."
"Above 1.7145/52 is needed to look to the 1.7181 early July high."
"Above here is needed to confirm a resumption of the uptrend to potential trend resistance at 1.7280 next, and eventually our long-held medium-term target at 1.7330/32."