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EUR/USD Analysis
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[QUOTE="Traders-Live, post: 15232, member: 5842"] EUR/USD Weekly Trend direction: Bullish Weekly trend reversal level: 1.3734 Key G7 support levels: 1.3950, 1.3870, 1.3830/00 Counter-trend and scalping opportunities: 1.4050 Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal. Today's trade suggestion: Another “flip flop” week, stuck in the range between 1.4100 and 1.3700. The weekly chart is just about bulling, but the doji candle suggests we could go either way this week, just like the past two. Key support levels are listed above. Key resistance levels lie at 1.4000 (the 786 ib) and 1.4080 (the range top) We will consider trading in either direction this week, as long as we remain below 1.4100. Look for opportunities to buy and sell after a clear G7 reversal signal. Don’t be tempted to pick a direction and commit to it, being especially careful to stick to stops! Update 3 November: Back up to the top of the range and trading inside a newly formed hourly channel (see chart) Frankly this is getting boring, so be prepared for a big move when traders become complacent. We are short from the 1.4050 area (range top, 786 Fib and channel top) after a G7 signal, and we’ll have to see how it plays out. Be alert for opportunities in either direction. Summary: Continue to trade the range: Look to sell into rallies to 1.4000 or 1.4080, or buy into dips to supports between 1.3950 and 1.3830. [/QUOTE]
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