Barclays Capital made a technical forecast for EUR/USD explaining their position opened with key targets:
- "The move below 1.1335 encourages our bearish view. Our initial targets are near 1.1260. A move below 1.1260 would open our next targets in the 1.1105/1.1085 area."
So, they opened sell trade at 1.1335 with 1.1260 as an initial target having re-enter to 1.1105/1.1085 targets in case the price will move to below 1.1260. If we see from the chart above - there are the following targets for this pair:
- 1.1086 as the nearest bearish target with 1.0807 and 1.0607 as the next bearish levels;
- 1.1713 as the nearest bullish target with 1.1956 as the next bearish level.
Thus, if the price breaks 1.1086 support level from above to below so the next profit targets will be 1.0807, if the price breaks 1.1713 resistance level from below to above so profit level will be 1.1956.
