FXStreet reports that analysts at Credit Suisse note that EUR/USD is holding above 1.17 and only a sustained move below 1.1695 would finally establish a large “head and shoulders” top.

“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, 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 stays seen at 1.1750/51 initially, with the immediate risk seen staying lower whilst below the 13-day and 55-day averages and high from last Friday at 1.1789/99.”