FXStreet notes that EUR/USD below 1.1688/85 sees a more important top established and analysts at Credit Suisse expect this to clear the way for a test of the 1.1612 September low. 

“EUR/USD weakness has accelerated sharply following the removal of the mid-October low at 1.1689/85 and completion of a more important top established and we expect this to clear the way for a test of the 1.1612 September low.”

“Whilst the 1.1612 September low should again be respected, below here in due course would support then seen next at the 50% retracement of the rally from late June at 1.1590 and eventually what should be more important support at 1.1495/85 – the March high and 38.2% retracement of the entire 2020 rally – which we look to prove a solid floor for a resumption of the core uptrend. Should weakness extend, which is not our base case, this would warn of a more damaging reversal lower with support seen next at 1.1425/23.”