Skandinaviska Enskilda Banken made a technical forecast for telling that EUR/USD will go as high as 1.08 before 1.0655 support level will be broken by the price from above to below. As we see from the chart below - the price is on bearish market condition for the ranging between the following key support/resistance levels:
- Fibo support level
at 1.0674 located far below 100 day SMA (100 SMA) and 200 day SMA (200
SMA) in the primary bearish area of the chart, and
- 50.0%
Fibo resistance level at 1.1082 located near 100 SMA/200 SMA on the
border between the primary bearish and the primary bullish on the chart.
Descending triangle pattern was formed by the price with 1.0707 support level to be broken for the bearish trend to be continuing up to 1.0674 as the nearest bearish target.
The Strategy. Watch W1 price to break 1.0707 support level for possible sell trade with 1.0674 as the target.
