Credit Suisse discusses EUR/USD technical outlook and flags a scope for further decline towards 1.18 over the coming weeks.

"Support seen next at the 23.6% retracement of the entire 2020/2021 uptrend at 1.1945 with the “measured top objective” at 1.1924/14. Our bias would then be to look for a fresh floor here, at least at first. But, this larger top now raises the likelihood of a move below here also with support seen next at 1.1800, then more importantly at 1.1695 – the 38.2% retracement of the entire 2020/2021 uptrend – also now the location of the 200 -day average," CS notes. 

"Resistance remains at 1.2045/58 initially, with 1.2088/99 ideally capping to keep the immediate risk lower. Above would raise the prospect of a recovery back towards 1.2156, but with fresh sellers expected ahead of here," CS adds.