Credit Suisse discusses EUR/USD technical outlook and highlights the importance of 1.1703/1.1695 for near-term directional bias.
"With the EUR itself having broken major support in outright terms we continue to look for a clear and sustained move below 1.1703/1.1695 to mark the completion of a large “head & shoulders” top and important change of trend lower, with support then seen next at the September and November 2020 lows at 1.1612/04. Whilst this should be allowed to hold at first, below in due course should see a test of 1.1495/93 – the key March 2020 high and 50% retracement of the 2020/2021 uptrend," CS notes.
"Resistance is seen at 1.1760 initially, then 1.1785, with the immediate risk see n staying lower whilst below 1.1810. Above would ease the immediate bearish pressure for a recovery back to 1.1838/58," CS adds.