Credit Suisse discusses EUR/USD technical outlook and maintains a mild bias lower within the broader range whilst below 1.2208/18.
"EURUSD has recovered again for a slight move above its 13 -day exponential average but price resistance at 1.2208/18 remains intact and with daily RSI and MACD momentum trending lower we maintain our immediate albeit mild defensive bias. We thus continue to look for further weakness within the broader sideways range with support seem at 1.2172 initially, then 1.2144/34...With the 55 -day average not far below at 1.2039, our bias is to then look for a floor here. A break though would expose the 200 -day average, now at 1.1987," CS notes.
"Above 1.2208/18 can ease the threat of a setback for a move back to the 1.2 255/67 highs and downtrend from January. This remains seen as the barrier to a move to the top of the range for the year at 1.2320/50," CS adds.