EUR/USD: Neckline Extension; Staying Short - Credit Suisse

EUR/USD extended its recovery up through the “neckline” to the recent top and the 38.2% retracement of the recent fall at 1.1322/27 before stalling around this zone, notes Credit Suisse.

"Support moves to 1.1315, then 1.1296, with a break below 1.1274/71 needed to retest 1.1234 low.

Beneath here can see the trend turn lower again for firmer support at 1.1179/43 – the rising 55-day average, 50% retracement level and the late March 2016 pivot low," CS adds.

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In line with this view, CS maintains a short EUR/USD position from around 1.1306, with a stop at 1.14, and a target at 1.1170.