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Feb 16 - 09:55 AM

EUR/USD: 1.2146/90 Should Cap For Now - Credit Suisse

By eFXdata  —  Feb 16 - 08:56 AM

Credit Suisse discusses EUR/USD technical outlook and highlights the importance of the 1.2146/90 resistance for near-term directional bias.

"EURUSD stalled as expected at the 55 -day average and price resistance from the late January highs at 1.2146/90 and we continue to look for this to cap for now to define the top of a temporary range. Support remains at 1.2122/12 initially, below which can see a fall back to 1.2081. Below here would now see a minor top compete to reinforce a ranging environment with support," CS notes.

"Big picture though we continue to view this as a temporary pause and we look for an eventual break higher above 1.2190 for a resumption of the core uptrend. We would then look for a move back to the 1.2345/55 highs," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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