FXStreet reports that economists at Credit Suisse discusses EUR/USD outlook.

“A rollercoaster session for EUR/USD on Monday as early weakness was contained at price support at 1.2126/16 for an impressive intraday recovery, but with subsequent strength then capped at the top of the price gap from the open yesterday morning at 1.2259.” 

“A break below 1.2129/22 though would now raise the prospect of a more concerted setback and a fall back to the 1.2059 recent low, potentially as far as what we expect to be better support at 1.2017/11 – the 38.2% retracement of the November/December rally and September high – with a better floor expected here.”