Credit Suisse discusses EUR/USD technical outlook and adopts a tactical bearish bias targeting a move towards 1.18 over the coming weeks.
" We look for further weakness within the broader ranging phase. Below the 1.2023 mid -February low should further reinforce the negative tone for a retest of 1.1952/45 – the February low and 23.6% retracement of the entire 2020/2021 bull trend. Whilst a fresh hold will be looked for at first, our bias would be for a break in due course and a fall now to the 200 -day average and late November low at 1.1800," CS notes.
"Near -term resistance moves to 1.2062. Above 1.2102/09 can now ease the immediate downside bias but with a break above 1.2185 needed for strength back to 1.2237/43. Beyond this latter area is needed to reassert the broader uptrend again, for a move back to 1.2345/55," CS adds.