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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 215794, member: 29339"] [B][SIZE=5]EUR/USD Gains Bullish Momentum While USD/CHF Dips Further[/SIZE][/B] [img]https://i.postimg.cc/2815dMhr/Euro-EUR.jpg[/img] [I]EUR/USD gained pace above the 1.0600 resistance zone. USD/CHF is declining and remains at a risk of more losses below the 0.9240 support.[/I] [B]Important Takeaways for EUR/USD and USD/CHF[/B] [LIST] [*] The Euro started a fresh increase above the 1.0550 resistance against the US Dollar. [*] There was a break above a major contracting triangle with resistance near 1.0565 on the hourly chart of EUR/USD. [*] USD/CHF started a fresh decline below the 0.9350 and 0.9315 support levels. [*] There is a key bearish trend line forming with resistance near 0.9360 on the hourly chart. [/LIST] [B][SIZE=5]EUR/USD Technical Analysis[/SIZE][/B] This week, the Euro started a steady increase from the 1.0450 zone against the US Dollar. The EUR/USD pair gained pace above the 1.0500 level to move into a bullish zone. The pair even climbed above the 1.0600 resistance and settled above the 50 hourly simple moving average. During the increase, there was a break above a major contracting triangle with resistance near 1.0565 on the hourly chart of EUR/USD. [B]EUR/USD Hourly Chart[/B] [img]https://i.postimg.cc/mkzGMxqn/eurx.png[/img] It traded as high as 1.0672 on FXOpen and recently started a downside correction. There was a move below the 1.0650 level. The pair tested the 38.2% Fib retracement level of the upward move from the 1.0528 swing low to 1.0672 high. On the downside, an immediate support is near the 1.0600 level. The 50% Fib retracement level of the upward move from the 1.0528 swing low to 1.0672 high is also near the 1.0600 zone. The next major support is near the 1.0565 level. A downside break below the 1.0565 support could start another decline. An immediate resistance is near the 1.0640 level. The next major resistance is near the 1.0675 level. A clear move above the 1.0675 resistance zone could set the pace for a larger increase towards 1.0750. The next major resistance is near the 1.0800 zone. [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.[/I] [/QUOTE]
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