EUR/USD has removed support at 1.1757/26 to turn the spotlight back on major support at 1.1695. A sustained move below here should finally establish a large “head and shoulders” top to expose support at 1.1495, analysts at Credit Suisse report. Key support remains seen at the 38.2% retracement of the 2020/2021 uptrend at 1.1695, a clear and closing break below which (ideally on a weekly basis) should confirm a major top. Assuming we then also see the 1.1663 August low removed, which would be our base case we would look for a more meaningful turn lower with support seen next at 1.1612/04 and eventually back at 1.1495/93.
Resistance is seen at 1.1751 initially, with the immediate risk seen staying lower whilst below the aforementioned 13 and 55-day averages and high from Friday at 1.1789/99.