EUR/USD is consolidating following its recent break of the 1.3548 level, and this reinforces that the December top remains intact, notes Credit Suisse. "We look for price and 38.2% retracement resistance to ideally cap to keep the immediate risk lower for the 38.2% retracement of the July/December rally at 1.3458, with the target from the top, the 50% retracement and 200-day average set lower at 1.3357/24. With the 1.3295 low of November not far below, we would look for a fresh floor here," CS projects. "Above 1.3581/83 can see a deeper recovery to 1.3622/49, but with a break above here needed to ease topping ... (full story)