EUR/USD: Credit Suisse maintains its short position, targets 1.1170 and reveals the price levels to watch for confirmation

After flirting with its stop yesterday, with a daily peak at 1.1387, the short EUR/USD position initiated on 13 April by CS at 1.1306 is once again profitable, with the pair hovering around 1.1290 this morning.

"Support at 1.1315 was broken, and now we need the pair to confirm the break at 1.1296 (in progress) for the bias to remain bearish.

Below 1.1274/71, we can target the recess at 1.1234. Below this threshold, we can then aim for the area at 1.1179/43 (55-day Moving Average, low of March 2016 and 50% retracement)."

Pending these objectives, CS therefore maintains its short position on the EUR/USD opened on 13 April at 1.1306, with a stop at 1.14 and a target at 1.1170.