EUR/USD (Credit Suisse) : The Euro increases the risk of formation of a Shoulder-Head-Shoulder

Credit Suisse notes the risk of formation of a top in EUR/USD on the Forex in the form of an ETE.

«A new session of decline of EUR/USD after the release of the neck line to the summit of August/September increases the risk of construction of a right shoulder (ETE) for a process of top wider.

Support is now observed at 1.1744/36 and then 1.1717, including the break might find the lowest in August and neck line to 1.1671/62. We could find shop in this area.

Below we could complete a Shoulder-Head-Shoulder for a stronger fall and target 1.1605 initially, and then the retracement 38.2% of the rally this year and the basis of the medium-term to 1.1423/16.

The resistance comes at 1.1827, above which the increase could strengthen towards 1.1871/81, and potentially the line of the down trend from September to 1.1889, with a break above required to cancel the risk of top. «

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