EUR/USD bounced back as of late as it consolidated recent losses. However, we expect the 1.0506/31 “breakdown point” to cap to keep the trend directly lower. Removal of the 1.0352 recent low can see further downside to test 1.0342/36 next.
Our core target remains in the broad 1.0109/.9921 zone – the long-term uptrend from 1985 and two key retracement supports. However, although we would expect an initial hold to be seen here, we continue to look for a break in due course for a move to .9625.
Resistance moves to the recent breakdown area at 1.0506/31 which is expected to attract renewed selling.
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*CS maintains a short EUR/USD position from 1.0670.
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