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Forex Discussions
Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 129422, member: 29894"] [COLOR=#006600][B](June 4 - 11) [/B][/COLOR] [B]EURUSD[/B] For the first two days of the previous week, there was sideways movement in the EURUSD pair. By the end of the week however the consolidation has ended with the pair pushing up past the resistance level located at 1.1250 aiming for 1.1300 resistance level. The trend for this weekend is an uptrend and it is possible prices may break past 1.1300. One event [B]that will actively determine price movement in the EURUSD is the press conference of ECB president Mario Draghi. Traders will be looking at this to know if the ECB would soon end the quantitative easing program given the improved EU economy and increased inflation.[/B] Key Levels: R1- 1.1340, R2-1.1399, R3- 1.1515. S1-1.1165, S2-1.1049, S3-1.0990 [B]GBPUSD[/B] The trend for the GBPUSD on the long term is an uptrend. Last week the pound was pressured by polls revealing that Theresa May is no longer the favorite to win the UK polls. On the short term, the trend is however neutral. For a trend to form this week the GBPUSD must pull past the accumulation territory located at 1.2700 or it pulls past the distribution territory located at 1.3050. For this week however, prices will be majorly affected by the UK elections. If Theresa’s party wins as many seats in the parliament, the GBPUSD would record massive gains, but if the Labor party wins, the pair may suffer a downslide. [B]USDJPY[/B] There was sideways movement in the USDJPY the previous week. However by the end of the week, price chart showed a downward movement. With the previous week ending in a decline and the trend being a downtrend, prices may keep falling down this week breaching the support levels located at 109.50 even as far down to the level located at 109.00. There is no significant economic event for the pair this week except US JOLTS Job Openings data coming out on Tuesday. This will give us a hint at how soon the next interest rates hike would come from the US Fed. Key Levels: R1- 111.31, R2-112.19, R3- 1.1515. S1-109.93, S2-109.43, S3-108.55 [/QUOTE]
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