The Euro may bounce in its weekly-chart breakout/breakdown narrow-range set trade to up to 1.088 before a break either direction, writes Trevor Smith of Trevor's Trading.
My continued bearish opinion on market indices continues, despite the deceptive new high prints. Only two of four indices during Regular Trading Hours made the new recent record-breaking, exuberant highs, and both opposing stories can’t at present be truthfully true, technically speaking. Indices are preparing for a wide-range price move, but not necessarily a breakout from a narrow range.
However, the Euro and Crude Oil are setting up for a bounce and a range break on the weekly charts. By pivot math, Crude Oil’s indication is that it breaks lower, and the Euro wants to test prices higher- I have no way to know directions for certain in trending math setups like these.
My last article entitled, “ (01/04/24) Market Bears Allow a Crude Oil Bounce Play Set-up (moneyshow.com) “ continues since my prediction at $73/Barrell now trades at $85. As of March 31, 2024, five of 8 projected ranges printed.
April-June Quarter (Q2) Predicted Ranges (Written April 2, 2024)
E-mini S&P 500
High Range 5371-5336.38 Low Range 5175-5091
Bearish ranges derive from technical studies, trying not to be biased seeing markets this way into 2026! Only two of four indices during Regular Trading Hours made the new recent record-breaking, exuberant highs, and both opposing stories can’t at present be truthfully true, technically speaking.
Euro FX
High Range 1.12-1.085; Low Range 1.073-1.064
Euro is on a Moving Average, so I can’t imagine no bounce here, but I’m overall in general a bear market fan into 2026. I’m a temporary bull on the Euro very short-term on daily charts before its breakout.
Gold
High Range $2340-$2305; Low Range $2221-2149
Crude Oil
High Range $89.80-87.01; Low Range $77.20-73.60
Bullish tendency. $44 in next two years is my longstanding prediction that I surrender/release if not printing before/in 2026.
Prior Predicted Ranges January-March 1st Quarter (Q1) (Written January 1, 2024)
E-mini S&P 500
High Range 4947-4873 Low Range 4548-4455
Actual: 5322-4702
Bullish ranges derive from 20-day moving average and monthly floor pivot supports before bearish attempts may resume in choppy ways that don’t preclude higher highs but can carry bearishness all the way into 2026! Only two of four indices made the new record-breaking, exuberant highs, and both opposing stories can’t at present be truthfully true, technically speaking.
Euro FX
High Range 1.118-1.099; Low Range 1.056-1.041
Actual: 1.098-1.070
Euro is on a 20-day Moving Average, so I can’t imagine no bounce here, but I’m overall in general a bear market fan into 2026. I’m a temporary bull on the Euro very short-term on daily charts.
Gold
High Range $2165-$2091; Low Range $2024-1974
Actual: $2301-1996
Crude Oil
High Range $87.80-80.20; Low Range $69.20-62.00
Actual: $82.6-69.28
Bullish tendency on moving-average supports. $44 in next two years is my longstanding prediction that I surrender/release if not printing before/in 2026.
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
