Credit Suisse: Short EUR/USD position with target at 1.3250 - eFXnews

By FXstreet.com | Updated August 06, 2014 AAA

FXStreet (Łódź) - The eFXnews team comment that Credit Suisse sees EUR/USD's bounce, which was limited below 1.3445/55 resistance, has now removed support at 1.3374/.



Key quotes



"'With a larger 'head & shoulders' top and bear 'wedge' firmly intact we stay directly bearish for the November 2013 low at 1.3295 next, ahead of our target at 1.3248/28 – the 38.2% retracement of the entire 2012/2014 uptrend,' CS projects."



"'Resistance shows first at 1.3445/55 then 1.3486 next, but with only above the 'neckline' to the 'head & shoulders' top falling 21-day average and trendline barrier at 1.3503/13 would ease immediate downside pressure,' CS adds."



"In line with this view, CS maintains a short EUR/USD position from 1.3475 with a stop at 1.3553, and a target at 1.3250."



'This content has been provided under specific arrangement with eFXnews.'



You May Also Like

Related Forex Analysis
  1. USD keeps failing to rally on positive data
    Forex News

    USD keeps failing to rally on positive data

  2. Session Recap: The status quo prevails; Dollar remains at its place
    Forex News

    Session Recap: The status quo prevails; Dollar remains at its place

  3. USD risks towards year-end? - Westpac
    Forex News

    USD risks towards year-end? - Westpac

  4. EUR/USD in choppy directionless day - FXStreet
    Forex News

    EUR/USD in choppy directionless day - FXStreet

  5. EUR/USD taking a breather around 1.2520/50 levels
    Forex News

    EUR/USD taking a breather around 1.2520/50 levels

Trading Center