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Credit Suisse discusses EUR/USD technical outlook and  adopts a cautious bias in the near-term.

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

Here is their view, courtesy of eFXdata:

We would look for this 1.2088/1.2104 zone to then ideally cap for a fresh move lower. Beyond 1.2104 though can see a push into the 1.2156/90 price resistance zone, but with this then expected to cap to define the top of a range,” CS notes.

“Support is seen at 1.2001, then 1.1981. Below 1.1914 would warn of a more significant correction lower with support seen next at 1.1800 and more importantly at 1.1695 – the 38.2% retracement of the 2020/2021 uptrend and 200 -day average,” CS adds.

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