EUR/USD: Below 1.0781/66 will mark a more important break lower – Credit Suisse

The spotlight turns back to the uptrend from March, today seen at 1.0781, with an eventual break expected, according to Credit Suisse.

Key quotes

“We look for a retest of the uptrend from March, today seen at 1.0781. Below here, the 1.0766 low of last week is needed to see the broader risk turn lower to suggest we may finally be seeing a more sustained down move, to expose the April low at 1.0727.”

“Resistance is seen at 1.0825/30 initially, with the 13-day average at 1.0841 now ideally capping to keep the immediate risk lower.”