EUR/USD: Credit Suisse identifies important thresholds, and points out those which should trigger sell positions

In a note published today, Credit Suisse says that it is waiting until the EUR/USD's current climbing phase is completed to position itself for selling:

"The EUR/USD continues to find support before the recent lows at 1.1105/1.1087, and the current rebound leaves the pair stuck in a range.

The first important resistance level is at 1.1296, followed by a downtrend line at 1.1378/82 which should block the rise. A break above this level would enable traders to target 1.1460/74.

As for support levels, they are at 1.1213, and then 1.1146 and 1.1105/1.1087; a break of the latter would lead the currency towards 1.1018/1.1003 and potentially 1.0896."

For the record, Credit Suisse currently has a limit order to sell EUR/USD at 1.1360, with a stop at 1.14 and a take profit at 1.1150.