FXStreet reports that According to the economists at Credit Suisse, EUR/USD has not only completed a base above 1.1881 but also a large bullish “outside week”.

“A strong week for EUR/USD has not only seen bullish ‘reversal day’ established but also a bullish ‘outside week’ and a base above the October high at 1.1881 and with the 13 and 55-day moving averages looking close to also completing a bullish cross, we look for this to mark an end to the consolidation phase from September for a resumption of its core bull trend.” 

“We see resistance at 1.1918 initially ahead of 1.1962/66 and then the 1.2011 September high. Whilst this should again be respected, we look for a break in due course for our 1.2145/55 first core upside objective – the ‘neckline’ to the early 2018 top and 78.6% retracement of the 2018/2020 bear trend. Whilst we would expect a fresh phase of consolidation to emerge here, big picture, we continue to look for strength to extend above 1.2500.”