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Dec 10 - 10:55 AM

EUR/USD: Consolidation N-Term But The Broader Risk Still Higher For A Move Above 1.2500 - Credit Suisse

By eFXdata  —  Dec 10 - 09:30 AM

Credit Suisse discusses EUR/USD technical outlook and maintains a bullish bias over the coming weeks.

"We continue to view this as a temporary pause to unwind the near -term overbought condition and we look for an eventual close above 1.2155 to reassert the uptrend, with resistance then seen at 1.2215 next, ahead of the March “measured base objective” at 1.2355. Big picture, we continue to look for an eventual move to 1.2518/98," CS notes. 

"Support moves to 1.2075 initially, then 1.2059, with more important seen starting at the 13 -day average and price support at 1.2039/34 and stretching down to 1.2003. We look for a fresh floor here for a resumption of the uptrend," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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