EUR/USD needs to hold support at 1.2109 to maintain an upward bias – Credit Suisse

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EUR/USD has reversed sharply lower and needs to hold 1.2109 to maintain thoughts of a near-term “head & shoulders” base with resistance seen at 1.2184/85, per Credit Suisse. 

Key quotes

“With the market still above its rising 13-day exponential average and more importantly its 1.2109 recent low our bias is to still stay higher for now whilst above here.” 

“Below 1.2109 would see the basing effort curtailed for now to warn of further weakness to 1.2063/61, then what we would look to be better support at 1.2035/19, with a fresh floor looked for here.” 

“Resistance moves to 1.2184/85 initially, above which is needed to add weight to this view for strength back to 1.2208, then 1.2238/48. Above here can see a move to our 1.4302/77 first core upside target.”

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