Credit Suisse discusses EUR/USD technical outlook and adopts a neutral bias with a downside tilt in the near-term.
"With the market back below falling short - and medium -term averages this suggests we are set for a much lengthier sideways phase, albeit now with an immediate downside bias. Whilst 1.2140 caps the immediate risk is seen lower with support seen at 1.2023 mid -February low. Below here can further reinforce the negative tone for a retest of 1.1952/45 – the February low and 23.6% retracement of the entire 2020/2021 bull trend," CS notes.
"Above 1.2140 can ease the immediate downside bias but with a break above 1.2185 needed for strength back to 1.2237/43. Beyond this latter area is needed to reassert the broader uptrend again, for a move back to 1.2345/55," CS adds.