Credit Suisse discusses EUR/USD technical outlook and maintains a bearish bias in the near-term.
"EURUSD has begun the week undergoing a concerted attempt to remove key support from the 78.6% retracement of the 2000/2008 bull trend at .9900 as energy supply pressures in Europe deteriorate further. We maintain our core bearish outlook and we look for a sustained break in due course, with support seen next at .9862, ahead of .9729/25 and then the lower end of the downtrend channel from February at .9658," CS notes.
"Our core objective remains set at .9609/.9592, the key high of 2001 and September 2002 low. However, whilst we would look for a fresh phase of consolidation here, we see no reason not to look for a break in due course with support seen next at .9330. Immediate resistance is seen at .9953, with resistance from the 13 -day exponential at 1.0006 ideally capping on a closing basis to keep the immediate risk lower. Only above 1.0090/97 though would be seen to mark a minor base," CS adds.