EUR/USD set to test the 1.0635 low of 2017 – Credit Suisse

EUR/USD is breaking its uptrend from early 2017 and stays seen on course to test the 1.0635 low of 2020, analysts at Credit Suisse report.

Resistance at 1.0944/54 caps to keep the immediate risk lower

“EUR/USD is undergoing a concerted attempt to remove its prior cycle low and long-term uptrend from early 2017 at 1.0830/06. We maintain our broader bearish stance and look for a sustained break to expose the 2020 low at 1.0635 and probably we now think lower.”

“Resistance at 1.0944/54 ideally caps to keep the immediate risk lower. Only above 1.1185 though would warn of a near-term base and broader easing of downside pressure.”