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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 195994, member: 29339"] [B]EUR/USD Eyes More Upsides, USD/CHF Could Extend Losses[/B] [IMG]https://i.postimg.cc/hv7YCQRB/Euro-EURUSD-1.jpg[/IMG] [I]EUR/USD is trading in a positive zone above the 1.2200 support. USD/CHF is declining and it could extend losses below the 0.8950 support zone.[/I] [B]Important Takeaways for EUR/USD and USD/CHF[/B] [LIST] [*] [*]The Euro started a fresh increase and it broke the 1.2200 resistance zone against the US Dollar. [*]There is a key expanding triangle forming with resistance near 1.2255 on the hourly chart of EUR/USD. [*]USD/CHF started a fresh decline after it failed to clear the 0.9020 resistance zone. [*]There was a break below a major bullish trend line with support near 0.8980 on the hourly chart. [/LIST] [B]EUR/USD Technical Analysis[/B] The Euro formed a strong support base above the 1.2120 level against the US Dollar. As a result, the EUR/USD pair started a fresh increase and it traded above the main 1.2200 resistance zone. The pair even surged above the 1.2220 level and settled above the 50 hourly simple moving average. A high was formed near 1.2254 on FXOpen and the pair is now correcting gains. It traded below the 1.2220 support level. [IMG]https://i.postimg.cc/Z0tMXYJy/eurusd-chart.png[/IMG] There was a break below the 23.6% Fib retracement level of the upward move from the 1.2132 swing low to 1.2254 high. It is now trading nicely above the 1.2200 support zone and the 50 hourly SMA. There is also a key expanding triangle forming with resistance near 1.2255 on the hourly chart of EUR/USD. On the upside, the pair is facing hurdles near the 1.2240 and 1.2250 levels. A clear upside break above 1.2250 could set the pace for a larger increase. On the downside, there is a major support forming near the 1.2200 zone. The next key support is near the 1.2190 level. It is near the 50% Fib retracement level of the upward move from the 1.2132 swing low to 1.2254 high. A downside break below the 1.2190 support could increase selling pressure in the near term. The next major support could be near the 1.2150 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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