SocGen made a long-term forecast for EUR/USD confirmed that 1.05/1.04
levels as the medium-term target will be extended in downmove to
0.96/0.95 target in the long-term situation.
As we see from the chart above (EUR/USD, D1) - the price is on bear market rally within the primary bearish market condition: 100 SMA/200 SMA are very near to be broken by the price from below to above for the reversal of the price movement from the primary bearish to the primary bullish market condition. If the price will be bounced from 1.1042 resistance level so we may see the ranging bearish condition up to 1.0516 level as a nearest bearish target in this case.
- If the price will break 1.1042
resistance level on close daily bar so we may see the reversal of the
price movement from the primary bearish to the primary bullish market
condition.
- If price will break 1.0516 support so the bearish trend will be continuing up to 0.96/0.95 target.
- If not so the price will be ranging within the levels.
| Resistance | Support |
|---|---|
| 1.1042 | 1.0516 |
| 1.1386 | N/A |
- Recommendation to go short: watch the price to break 1.0516 support level for possible sell trade
- Recommendation to go long: watch close daily price to break 1.1042 resistance level for possible buy trade
- Trading Summary: ranging on reversal
SUMMARY : ranging
