The euro is flat today at 1.1665
Credit Suisse discusses EUR/USD technical outlook and sees a scope for a flush towards 1.1485 in the near-term.
"EURUSD has maintained the weak tone seen Monday and has not only closed below key support from its 55 -day but has also importantly removed support from the August lows at 1.1710/1.1697. This finally sees a top established to mark a more significant move lower with support seen initially at 1.1627, then the 50% retracement of the rally from June at 1.1590. More important support and our objective remain s seen at 1.1495/85 - the 38.2% retracement of the entire rally from March, 61.8% retracement of the rally from June and point -of - breakout from the medium -term base. We would then look for a fresh floor here for an attempt to resume the broader uptrend," CS notes.
"Resistance moves to 1.1717/19 initially, then the 55 -day average at 1.1737, with the immediate risk seen staying lower whilst below 1.1776/98. A break would throw a question mark over the top, with resistance next at 1.1827," CS adds.
