EUR/USD Technical Analysis At Year-End: ranging within key levels or bearish breakdown
Forecasts

EUR/USD Technical Analysis At Year-End: ranging within key levels or bearish breakdown

27 November 2015, 15:11
Sergey Golubev
Sergey Golubev
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This is quick forecast of EUR/USD price at year-end using simple technical analysis tools:
  • support and resistance lines, and
  • Simple Moving Averages indicator (which is standard indicator in Metatrader 4 and Metatrader 5)

As we see from the charts below (W1 timeframe and MN1 timeframe for EUR/USD) - 1.0461 is the key support level for the price for the year-end. If the price breaks this level from above to below so the bearish trend will be continuing up to 1.0400 psy support level.


The price is on primary bearish market condition for now, and 'reversal area' with 100 SMA/200 SMA values are far above from the market price which make the bullish reversal to be very unlikely in this year and the first half of the next year for example - key resistance bullish reversal levels for the price are the following:

  • 1.1713 resistance for weekly price; if the price breaks this level to above so the bullish reversal may be started with the secondary ranging condition;
  • Fibo resistance level at 1.2402 located between 100 SMA and 200 SMA; if the price breaks this level from below to above so the price will be reversed to the primary bullish market condition

The nearest key support levels for this pair are 1.0461 and 1.0400.

There are 2 scenarios of the price movement during December this year and january next year:

  • the price will break 1.0461 (or will come to be very close to this level) with 1.0400 level as the next target, or
  • the price will be on bearish market condition for the ranging within key support resistance levels: 1.0461 and 1.1713.
#eurusd, market condition, forex forecast
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