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EUR/USD: Bearish Wedge And H&S Top; USD/JPY: Sideways - Credit Suisse
EUR/USD has finally capitulated below the key 1.3477 February low, notes Credit Suisse. "This confirms the long-awaited large bear "wedge" pattern and now also a "head & shoulders" top, and we maintain our bearish outlook for further weakness to 1.3399 initially, then the 50% retracement of the 2013/14 rise at 1.3374, CS argues. "We allow for a bounce here ahead of our target at 1.3248/28 – the 38.2% retracement of the entire 2012/2014 uptrend. While we would expect this to hold at first, bigger picture, we see scope for 1.2755," CS projects. "Resistance shows at 1.3495 initially, then 1.3531, with 1.3550/53 ... (full story)