EUR/USD into ECB meeting on Thursday: medium-term strategy
3 December 2015, 11:14
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Goldman Sachs made a forecast related to upcoming European Central Bank meeting on Thursday stated that this ECB meeting will be more than just a usual policy decision. Goldman Sachs is expecting the following:
- EUR/USD to break 1.05 support area at day-end,
- 1.0461 will be broken at year-end;
- 0.95 will be reached by end-Q1'16.
| Resistance | Support |
|---|---|
| 1.0520 | 1.1095 |
| 1.0461 | 1.1494 |
| 0.9344 | 1.1713 |
As we see from the chart above - 1.0520 is the nearest bearish target. And if this level is going to be broken by the price to below so the next one is 1.0461 support together with the 3rd pivot support level at 0.9344. Thus, it is very likely for the price to break 1.0461 level by year-end to go to 1.0000 psy level in Q1'2016 for example.
Medium-Term Strategy: watch the price to break 1.0461 support level for possible sell trade with sl to be around 1.0550 and 1.0000 psy level as the first target.
