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

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    US Dollar Breakout Velocity Rests with Fed’s Liftoff Outlook after NFPs

  2. Forex News

    Metals & Petroleum products: CFTC Commitment of Traders Report - TDS

  3. Forex News

    EUR/USD survived the drop, US Payrolls on sight

  4. Forex News

    FX space for May break down - Scotiabank

  5. Forex News

    EUR/USD Retail FX Crowd Remains Net-Short Ahead of ECB June Meeting

Trading Center