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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 193505, member: 29339"] [B]EUR/USD Dives, USD/CHF Likely To Continue Higher[/B] [IMG]https://i.postimg.cc/rF1r1p2F/EURUSD.png[/IMG] [I]EUR/USD started a fresh decline below the 1.1800 and 1.1780 support levels. USD/CHF is rising and it is likely to continue higher above 0.9450.[/I] [B]Important Takeaways for EUR/USD and USD/CHF[/B] [LIST] [*] [*]The Euro started a fresh drop below the 1.1850 and 1.1800 support levels against the US Dollar. [*]There is a major bearish trend line forming with resistance near 1.1755 on the hourly chart of EUR/USD. [*]USD/CHF is trading in a bullish zone above the 0.9350 resistance zone. [*]There is a key ascending channel forming with support near 0.9405 on the hourly chart. [/LIST] [B]EUR/USD Technical Analysis[/B] [IMG]https://i.postimg.cc/JzKHFdhf/eurusd-chart-4.png[/IMG] The Euro failed to stay above the 1.1900 zone and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.1850 pivot zone to move into a bearish zone. The pair even broke the 1.1820 support level and settled below the 50 hourly simple moving average. The bears were able to push the pair below 1.1800 and a low is formed near 1.1709 on FXOpen. It is currently showing a lot of bearish signs and it seems like there are high chances of more losses below the 1.1700 support zone. The next major support could be near the 1.1660 level, below which the pair may possibly test the 1.1620 support. On the upside, an initial resistance is near the 1.1730 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.1804 high to 1.1709 low. There is also a major bearish trend line forming with resistance near 1.1755 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1804 high to 1.1709 low. The 50 hourly simple moving average is also near 1.1760. If there is a break above the trend line resistance, the pair could correct higher towards the 1.1800 zone. The next major resistance is near the 1.1850 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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