OctaFX | OctaFX Forex Broker
Open trading account
Back

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.'

United States ADP Employment Change came in at 230K, above forecasts (220K) in October

Read more Previous

Wall street to open strong

The US Equity markets are likely to open higher on strong corporate earnings in the US which highlight the strength of the US economy.
Read more Next
Start livechat