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Credit Agricole made a fundamental forecasts related to the price of some pairs movement during some high impacted news events for the week. Let's evaluate those forecasts based on technical analysis.
Technical analysis:
EUR/USD - the price is located below YR1 Central Pivot for the bearish market condition with the ranging within S1 Pivot at 1.1337 and S2 Pivot at 1.0672 for crossing 1.0962 support level from above to below. if the price breaks S2 Pivot at 1.0672 so we may see good breakdown possibility with 1.0461 as the next bearish target.
| Instrument | S2 Pivot | S1 Pivot | Yearly PP | R1 Pivot |
|---|---|---|---|---|
| EUR/USD | 1.0672 | 1.1337 | 1.2665 |
1.3329 |
