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Credit Suisse: EUR/USD holding above key support at 1.2460 - eFXnews

FXStreet (Łódź) - The eFXnews team remark that Credit Suisse expects EUR/USD for now to continue holding above the key support level at 1.2460, the 78.6% retracement of the 2012/2014 uptrend.

Key quotes

"'We allow for this run further, but we stay bearish and look for an eventual clear move beneath 1.2460 and then 1.2441 recent low to test 1.2387/83 next,' CS projects."

"A break of the latter in due course, according to CS, can then expose potential medium-term trend support at 1.2220, before better buying ideally start to show here."

"'Resistance moves to 1.2592 initially, above which can ease the immediate downside bias for a recovery back to 1.2604/31 – the 38.2% retracement of the decline from 1.2888 – with 1.2771 ideally capping any further recovery,' CS adds."

"In line with this view, CS maintains a short EUR/USD with a stop at 1.2645, and a target at 1.2230."

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

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