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Credit Suisse: EUR/USD weakness will eventually extend towards 1.2200 - eFXnews

FXStreet (Łódź) - The eFXnews team observe that Credit Suisse expects maintain their EUR/USD 1.2787/55 target, after the pair dropped below 1.3020/15 last week.

Key quotes

"EUR/USD fell sharply last week, easily brushing aside our next target at 1.3020/15 - the 50% retracement of the 2012/2014 uptrend, 78.6% retracement of the 2013/2014 uptrend, and measured target from the 'head & shoulders' top."

"Near-term, trend and Fibonacci projection support at 1.2920/08 should be allowed to hold at first for a retracement higher, but with further weakness expected to our core target zone of 1.2787/55 - the 61.8% retracement of the entire 2012/14 bull trend and July 2013 low."

"While we look for a better floor here, bigger picture, we suspect weakness will now eventually extend towards 1.2200."

"Near-term resistance shows at 1.2958, above which can see a move back to 1.3012, and potentially 1.3069. We look for 1.3110 to ideally cap further gains."

"CS booked profit on its last EUR/USD short at 1.3025 and now runs a limit order to re-sell at 1.3010."

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