Technical Ideas for EUR/USD by SEB - selling will likely take short pause
Skandinaviska Enskilda Banken made intraday technical forecast for EUR/USD pair estimated new support level at 1.0896:
EUR/USD: "The rejection from the recently broken flag floor and the break below
the support was exactly what was needed to trigger the next part
of the decline. Selling will likely take short pause arriving at 1.0896
but probably not for long. The current wave three should stretch out for
the 1.05-area before any more profound reaction likely to occur."
EUR/JPY: "Trying it below the key support zone. Yesterday’s
attempt below the lower boundary of the key support zone, 132.24, was
reversed before ending the day. Today we are however making a new
attempt so let’s see whether that one will be more successful. Once we
can confirm that we have left the support zone behind us focus should
turn to the 126-area."
From the technical point of view - the intra-day price is on bearish ranging within 1.1095 resistance and 1.0896 support levels. If support level will be broken from above to below so the bearish trend will be continuing, otherwise - ranging.
