Credit Suisse discusses its technical outlook and adopts a tactical bearish bias in the near-term.
"With the market still holding below 1.1094 and with the EUR outright completing a large top, we look for the downtrend to resume from here. Support moves to 1.1044/42 initially, below which would suggest the correction higher is over, with the next level then seen back at 1.0994/89. Beneath here would see the “reversal day” neutralised to suggest a deeper fall, with the “measured top objective” at 1.0963," CS notes.
"Big picture we look for a move back to the 1.0879 and eventually 1.0815 – the 78.6% retracement of the 2017/2018 bull trend. Above 1.1094 would instead see the top neutralized, with the next level then seen at 1.1140 initially, before the more important 1.1173/79 cluster of resistance, which is likely to prove a tough barrier if reached.," CS adds.