1 Dec 2014
Credit Suisse: EUR/USD to move towards 1.2402 – eFXnews
FXStreet (Barcelona) - The eFXnews team notes that Credit Suisse looks for the risk to turn lower for a move towards 1.2402 for the EUR/USD pair, ahead of the 1.2359/58 lows.
Key Quotes
“EURUSD’s challenge of near-term downtrend resistance at 1.2528 has led to fresh selling, followed by a turn lower. Support shows around 1.2444, then 1.2402, below which should see a retest of the 1.2359/58 lows.”
“Capitulation below here should then see the downtrend extend to 1.2295/89 next, ahead of the bottom end of the medium-term range at 1.2224, where we would look for fresh buying.”
“Resistance shows at 1.2499 initially, then 1.2525/32, above which can see a move to a bigger resistance zone seen at 1.2600/35 – the mid-month high, half the October/November slide and the falling 55-day average.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“EURUSD’s challenge of near-term downtrend resistance at 1.2528 has led to fresh selling, followed by a turn lower. Support shows around 1.2444, then 1.2402, below which should see a retest of the 1.2359/58 lows.”
“Capitulation below here should then see the downtrend extend to 1.2295/89 next, ahead of the bottom end of the medium-term range at 1.2224, where we would look for fresh buying.”
“Resistance shows at 1.2499 initially, then 1.2525/32, above which can see a move to a bigger resistance zone seen at 1.2600/35 – the mid-month high, half the October/November slide and the falling 55-day average.”
This content has been provided under specific arrangement with eFXnews.