Credit Suisse discusses EUR/USD technical outlook and highlights the importance of the 1.1745 for directional bias.
"With the market still below its 13 -day exponential average and with a bearish RSI momentum divergence in place as well as a potential top the threat of a price top remains. Below the recent lows at 1.1764/54 would see a top established to open the door to a more concerted move lower with support seen next at 1.1699/89 – the August low and 38.2% retracement of the rally from late June – then what better support from the 55 - day average and 1.1627," CS notes.
"Immediate resistance moves to 1.1849, with a move above 1.1866/68 now needed to ease the immediate downside bias with resistance then seen next 1.1913. Above 1.1930 is needed to suggest the correction is over for a resumption of the uptrend and a move back to 1.2011 and eventually 1.2145/55," CS adds.