EUR/USD signs of a base within range; GBP/USD bull flag emerges - Credit Suisse
Credit Suisse on the technical outlook for EUR/USD and cable
Credit Suisse discusses EUR/USD and GBP/USD technical outlook in the near-term.
"EUR/USD on course to test what we see as more important resistance at 1.1097/1.1103 - the late November high and 61.8% retracement of the October/November fall. Above here though is needed to see a fresh base established for a deeper recovery within the broader sideways range with resistance then seen next at 1.11/370 and with the 200-day average now at 1.1162, which we expect to remain a solid barrier," CS notes.
"A clear and sustained break above 1.2970/85 in GBP/USD would sharply increase the risk of a bull "flag" continuation pattern,
with the next resistance then seen at the 1.3013 high, above which
would trigger the pattern for a fresh leg higher with resistance then
seen at 1.3048/56 initially ahead of 1.3077 - the 78.6% retracement of the 2019 fall," CS adds.
For bank trade ideas, check out eFX Plus.