- "While resistance at 1.1397 caps, the immediate risk is seen staying lower, and a conclusive break below 1.1214 would warn the recent break higher and completion of a base was "false", to target the 61.8% retracement level at 1.1155 next, then the 21- and 55-day averages at 1.1125/07."
- "Resistance moves to 1.1308 initially, then 1.1364. Above the “neckline” to last week’s small top at 1.1397 is needed to turn attention back to the 1.1714 breakout high."
Credit Suisse runs a limit order to buy EUR/USD at 1.1108, with a stop at 1.1018 and a target at 1.1520.
By the way, Morgan Stanley is suggesting to go long on EUR/USD as well: "We see scope for EUR to make further gains over the next few weeks as
risk remains bid amidst an environment of uncertainty. EUR was used as a
funding currency for many risk-on trades; as these are unwound the
currency should see support. The main risk from our bullish EUR view
stems from the upcoming ECB meeting, where there is a risk of a more
dovish tone from the central bank in light of recent currency
depreciation."
