CS is keeping EUR/USD short
Analysts at Credit Suisse point out that EUR/USD tested support at $1.3474 (50% Fibo of the advance in 2013/2014). The specialists say that euro can make an initial bounce from here. However, the larger bearish wedge and head & shoulders top are still in place. A break below $1.3374 will bring euro down to $1.3248/28 – the 38.2% retracement of the entire 2012/2014 uptrend.
In the longer term Credit Suisse expects to see a decline to $1.3020/15, and ideally to $1.2755. Resistance is located at $1.3422/27, $1.3445/56 and $1.3486/95.
CS maintains a short EUR/USD position with a stop at $1.3553 targeting $1.3250.