EURUSD Long-Term Outlook - bearish ranging near S2 Pivot level

Credit Suisse made a forecast for EUR/USD for 2016 estimated 1.00 as the first target and 0.85 as the second one. Let's evaluate this forecast with the technical point of view.

EUR/USD: bearish ranging near S2 Pivot level. This pair is on bearish market condition for the ranging within S1 Pivot at 1.1337 and S2 Pivot at 1.0672: the price is on bearish breakdown for now with 1.0672 level crossing from above to below for 0.9599 as the next bearish target.

• if the price breaks S2 Pivot at 1.0672 from above to below so the bearish trend will be continuing up to 0.9599 as the next bearish target;
• if the price breaks 0.9599 support level from above to below so we may see the bearish breakdown with S3 Pivot at 0.9344 as the target;
• if the price breaks S1 Pivot at 1.1337 from below to above so we may see the local uptrend as the secondary market rally within the primary bearish market condition;
  
• if not so the price will be moved within the channel.