EUR/USD is likely to close on intermediate low

United Overseas Bank made a forecast for EUR/USD telling that the price will be closed on intermediate low: "The quick rebound from the overnight low of 1.0615 suggests that EUR/USD is likely close to making an interim low." Let's evaluate intra-day situation from the technical point of voew.

M5 price is located to be above SMA with period 100 (100-SMA) and SMA with the period 200 (200-SMA) for the primary bullish market condition with the ranging within the following key reversal s/r levels:

• 1.0719 resistance level located far above 100-SMA/200-SMA in the bullish area of the chart, and
• 1.0687 support level located on the border between the primary bearish and the primary bullish trend.
  

There are 3 scenarios for the price movement for now:

• If the price will break 1.0719 resistance level so the bullish trend will be continuing.
  
• if price will break 1.0687 support so the reversal of the price movement from the primary bullish to the primary bearish market condition will be started with the secondary ranging - the price will be located between 100-SMA and 200-SMA in this case.
  
• if not so the price will be ranging within the levels.
  

• Recommendation to go short: watch the price to break 1.1029 support level for possible sell trade
• Recommendation to go long: watch the price to break 1.0687 resistance level for possible sell trade
• Trading Summary: ranging

SUMMARY : bullish