EUR/USD set to slump towards 0.96 and even lower – Credit Suisse

EUR/USD may extend its consolidation above 0.9900. Nevertheless, analysts at Credit Suisse stay bearish for 0.9600 and probably lower.

Resistance is seen at 1.0090/97 initially

“We maintain our core and long-held bearish view for an eventual break below 78.6% retracement support at 0.9900 for a move to our 0.9609/.9592 next objective. Whilst we would look for a fresh consolidation phase here, we would see no reason not to look for a break below here in due course, with support seen next at .9330.”

“Resistance is seen at 1.0090/97 initially, with the 55-day average at 1.0235 now ideally capping further strength if seen.”