Credit Suisse discusses EUR/USD technical outlook and highlights the importance of 1.2190 level for near-term directional bias.

"EURUSD extends its rebound from support at 1.2019 for a break above its near -term downtrend and 55 -day average to turn the spotlight firmly on key price resistance at 1.2170/90. Whilst a fresh pause here should be allowed for, our broader bias stays higher and we continue to look for this sideways range to be eventually resolved higher for the resumption of the core uptrend," CS notes.

"Above 1.2190 should establish a near -term “head & shoulders” base to confirm for a move back to the 1.2345/55 highs. Whilst we a fresh rejection from here should be catered for, we continue to look for an eventual break for a move to our 1.2518/98 core long -held target – the 2018 high and 38.2% retracement of the entire 2008/2017 bear market," CS adds.