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19.30 need according to Credit Suisse

Credit Suisse on the technical outlook for the euro

From our friends at forexlive.com

Credit Suisse on the technical outlook for the euro

Credit Suisse discusses EUR/USD technical outlook and adopts a neutral bias with a bearish tilt in the near-term. 

Above 1.1864 is needed to clear the way for a move back to 1.1913/30, above which should see a move back to 1.2011 and eventually our 1.2145/55 first major upside objective – the “neckline” to the early 2018 top and the 78.6% retracement of the entire 2018/2020 fall. Below 1.1799 ideally still holds to keep the immediate risk higher. A break can rekindle thoughts of a top, although only below 1.1754 would see this confirmed, with support then seen next and initially at 1.1699/89, then the 55 -day average at 1.1658,” CS notes. 

We remain of the view that 1.1930 needs to be cleared to confirm the correction is over for a resumption of the uptrend and the subsequent retreat late yesterday raises the prospect of further sideways ranging and indeed, the threat of a top still remains,” CS adds.

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