EUR/USD down 5 pips to 1.1936 today
Credit Suisse discusses EUR/USD technical outlook and sees a scope for further upside in the near-term.
"EURUSD has extended its recovery and above resistance at 1.19232/27 sees a minor base established to suggest this can extend further. We thus look for a move back to a cluster of resistances at 1.1997/1.2007 - the 200 -day average, price resistance and the 38.2% retracement of the May/June fall. We will then look for a fresh cap here for a resumption of the sell -off from late May," CS notes.
"Support is seen at 1.1911 initially, with a move below 1.1880 needed for a move back to 1.1847, then support at 1.1836/24 - the uptrend from the March low last year and the 78.6% retracement of the March/May rally," CS adds.
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