UBS Group made a weekly technical forecast making the trading recommendations for the EUR/USD pair related for the trading.
EURUSD:
- "We are struggling to see value in shorts."
- "Sell at 1.1060, adding at 1.1085, with a stop at 1.1110."
The
price is trading to be below Ichimoku cloud for the crossing 23.6% Fibo
support level at 1.1021 from above to below for the bearish trend to be
continuing. The nearest bearish target is Fibo support level at 1.0811,
and if the price crosses this target so we may see the good bearish
breakdown up to 1.04/1.05.
If the price will break 1.0811 support level on close W1 bar so we may see good breakdown within the primary bearish market condition.
If not so the price will be ranging within the levels.
