What is the technical outlook for EUR/USD in the medium-term?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses EUR/USD technical outlook and maintains a medium-term bullish bias targeting a move towards 1.2140/55.
“EURUSD has surged higher over the past three days, breaking clearly above the potential downtrend from the September high, 55 -day average and the 9th October high at 1.1775/96. With the EUR TWI also on the cusp of negating its small top, this ends thoughts of a short term correction lower and should finally reassert the core bull uptrend, further reinforced by the fresh cross into bullish territory for daily MACD momentum,” CS notes.
“Next resistance is then seen at the 1.1918/26 corrective price high and 78.6% retracement of the September fall, before the 1.2011 high. Bigger picture, our medium-term objective remains the ‘neckline’ to the 2018 top at 1.2140/55. Short term support at 1.1800/1795 now ideally holds to maintain the upside risks. Below here on the back of a hold below 1.1864/73 would quickly turn the short term risks back lower,” CS adds.
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