EUR/USD continues to trade in a choppy range. What is the technical outlook for the pair in the coming weeks?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses EUR/USD technical outlook and maintains a bullish bias over the coming weeks.
“EURUSD has been well supported in the choppy range of the past few weeks and with a bullish “outside day” in place from last week and with our bias for the EUR itself to strength and indeed for the USD to weaken as well, our bias stays higher for an eventual upside resolution to this range.
Immediate resistance is seen at 1.1327. Above here and then the 38.2% retracement of the entire 2018/2020 fall and price resistance at 1.1349/69 on a closing bass should confirm an important break higher for strength back to the 1.1423 June high, then more important at the 1.1495 high for the year,” CS notes.
“Near-term support moves to 1.1235, then 1.1219, with 1.1191/85 needing to hold to keep the immediate risk higher. Below would warn of a fresh look at 1.1168/57 – the recent low and 38.2% retracement of the rally from late April,” CS adds.
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