EUR/USD loses strength, below 1.1322 to slump toward 1.1261 – Credit Suisse

EUR/USD strength looks to have peaked for now, according to analysts at Credit Suisse. Below 1.1322/16, the pair can see a setback with support next at 1.1241/37. However, TDS and Danske Bank aims the 1.15 level.

Key quotes of Credit Suisse

“With a daily bearish RSI divergence in place, the best of the strength looks to have been seen for now and we look for a retracement lower and a correction/consolidation phase.” 

“Below 1.1322/16 should see a minor top established to add weight to this view with support then seen next at 1.1261, then 1.1241/37 – the low from earlier this week and 23.6% retracement of the entire Match/June rally – which we look to try and hold. A break would warn of a larger top and a more concerted setback, with support next at 1.1160/54.” 

“Resistance is seen at 1.1363/69 initially, with a break above 1.1395 needed to reassert a bullish tone again with resistance then at 1.1423/28, then the key 1.1495 high for the year.”