FXStreet reports that the Credit Suisse analyst team discusses EUR/USD technical outlook.

“Whilst above the 2021 lows at 1.2071/51, the immediate risk can still lean higher. A break above 1.2152, which has stalled the market this morning, would reinforce the upward bias for strength back to 1.2182/85, then what we expect to be tougher resistance at the 78.6% retracement of the Q1 fall and February high at 1.2212/43, where we will look for a fresh cap. Should strength directly extend, this can expose the top of the broader range and YTD high at 1.2325/1.2350.” 

“Below 1.2071/51 can clear the way for a test of what we see as more important support at 1.1999/86 – the early May low and 38.2% retracement of the March/May rally.”