The break of the 2008 lows near $1.3258 seen Oct 10 suggests the pair "is poised to make another leg lower," say Credit Suisse strategists. "The price action suggests there is no particular
fundamental scenario supportive of the euro at this time and capitulation selling pressure in the pair remain elevated," they say. CS technical team notes initial support around $1.3075, the 38.2% retracement of the 2000 to 2008 rally in the euro. Below that, additional support should be seen at $1.2870, the 2007 lows.