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.'

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