Credit Suisse discusses EUR/USD technical outlook and maintains a tactical bearish bias in the near-term.
"We stay biased lower in what we look to be a broader ranging phase with support seen next at 1.2019 next and more importantly back at the recent low and 23.6% retracement of the entire 2020/2021 bull trend at 1.1952/45, with a fresh hold here expected here for now. A break though would warn of a more serious downturn to test 1.1800, potentially 1.1695 – the 38.2% retracement of the entire 2020/2021 bull trend," CS notes.
"Resistance moves to 1.2098, with the immediate risk seen lower whilst below 1.2125/28. Above can see strength back to the 55 -day average at 1.2152," CS adds.