Credit Suisse discusses EUR/USD technical outlook and maintains a bullish bias in the near-term.
"We continue to view this current phase as consolidation within the broader core uptrend. Indeed, the immediate spotlight is now back on the recent high and potential trend resistance at 1.1910/20. Beyond here would suggest we are finally seeing the consolidation from early September coming to an end with resistance seen at 1.1962/66 next, then the 1.2011 September high and eventually our 1.2145/55 first core upside objective – the “neckline” to the early 2018 top and 78.6% retracement of the 2018/2020 bear trend. Whilst we would expect a fresh phase of consolidation from here, our broader outlook stays positive for an eventual move above 1.2500," CS notes.
"Near -term support moves to 1.1843, then 1.1813/08, below which can see a move back to 1.1788 and then 1.1745/25. Below here would now warn of a fresh increase in downward pressure for a fall back to the potential uptrend from April at 1.1671, with key price support still at 1.1612/04," CS adds.