EUR/USD is putting pressure on the 1.19 level. What is the technical outlook for the pair?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses EUR/USD technical outlook and flags a scope for a lengthier consolidation phase in the near-term.
“Although our medium-term outlook stays bullish, we continue to look for a lengthier consolidation phase before the core uptrend resumes, and we may be potentially even seeing the formation of a “double top”.
Resistance is seen at 1.1818 initially, with a break above 1.1851 needed to clear the way for a retest of 1.1916/26. Above here can reassert the uptrend with resistance seen next at 1.1997 then what should be tougher initial resistance at 1.2145/55,” CS notes.
“Near-term support moves to 1.1755, then the 13-day average and price support at 1.1738/21 which we look to try and hold to define the lower end of a high-level range. Below 1.1699/97 though would see a “double top” established to warn of a more concerted setback with support then seen next at 1.1630/22 – the 38.2% retracement of the rally from late June,” CS adds.
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