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Dec 11 - 09:55 AM

EUR/USD: A Weekly Close Above 1.2155 To Target 1.2355 Ahead Of 1.2500 - Credit Suisse

By eFXdata  —  Dec 11 - 08:30 AM

Credit Suisse discusses EUR/USD technical outlook and maintains a tactical bullish bias over the coming weeks.

"We maintain our core bullish outlook and look for a weekly close above 1.2155 to reassert the uptrend, with resistance then seen at 1.2215 next, ahead of the March “measured base objective” at 1.2355. Big picture, we continue to look for an eventual move to 1.2518/98 – the 2018 high, 38.% retracement of the entire 2008/2016 bear market and 61.8% retracement of the fall from 2014 – which we expect to prove a tougher barrier," CS notes. 

"Support moves to 1.2110 initially, then 1.2081, with 1.2059 now ideally holding to keep the immediate risk higher. Below can see a more concerted correction and a fall back to 1.2011/03," CS adds.

Credit Suisse Research/Market Commentary


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