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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