EURPLN has fallen to key support and David Sneddon and his team at Credit Suisse think it will hold, at least for now.
Sneddon says the fall to key trendline support at 4.2869 has been accompanied by a DeMark exhaustion signal and he therefore expects the support to hold (see Chart).
However, he points out that a large top may be under construction. A break of the 4.2869 level would open up a move to 4.2559/31, which is the August 2016 low and the 50% retracement of the 2015/2016 bull trend. A further move below this would confirm the large top and then open up the possibility of 4.2269 and then 4.1857.