FXStreet reports that EUR/USD is falling sharply post payrolls as the USD also strengthens and analysts at Credit Suisse look for a test of medium-term support at 1.1703/1.1695.

“We look for a clear break of the 1.1752 recent low for a test of medium-term support at 1.1703/1.1695. Although a rebound from here should be allowed for our broader bias is for an eventual clear and sustained break in due course.

“A break below 1.1703/1.1695 would mark the completion of a large and important bearish ‘head & shoulders top’ to mark a significant change of trend lower. We would then see initially at 1.1662 ahead of the September and November 2020 lows at 1.1612/04, which we would look to hold at first.” 

“Resistance moves to 1.1789 initially, then 1.1810, with 1.1831 ideally capping to keep the immediate risk lower.”