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.