EUR/USD: A Much Lengthier Sideways Phase N-Term – Credit Suisse


What is the technical forecast for EUR/USD in the near-term?

Here is their view, courtesy of eFXdata:

Credit Suisse discusses EUR/USD technical outlook and adopts a neutral bias with a downside tilt in the near-term.

“With the market back below falling short – and medium -term averages this suggests we are set for a much lengthier sideways phase, albeit now with an immediate downside bias. Whilst 1.2140 caps the immediate risk is seen lower with support seen at 1.2023 mid -February low. Below here can 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,” CS notes.

Above 1.2140 can 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.

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Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.

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