EUR/USD: we expect pair to top out at 1.1230, risks are on the downside (Credit Suisse)

Credit Suisse suggests that the strength of the euro-dollar will not go beyond 1.1230 and believes that risks remain on the downside:

"An interest in buying was observed near the key threshold of 1.1109. An extension of the current momentum is possible, but ideally we expect resistance at 1.1230 to continue to cap things and keep the risks on the downside.

Initial support is at 1.1160, followed by 1.1130/27, with a break below 1.1109 needed to reach 1.1041, and then the 38.2% retracement of the rise from April/June 2017 at 1.1018.

The resistance changes to 1.1214 initially. Above 1.1230, we can target 1.1296/1300."