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Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 132463, member: 29894"] [B]Profiforex Weekly Forex Analysis for Major Currency pairs July 23rd - July 28th [/B] EURUSD Last week, the pair gained 210 pips and closed above the support line at 1.1650. Following the release of the EMU’s PMI on Monday, there is a recovery in the demand for the dollar and this forced the pair to fall from a near high of 1.1690 to 1.1640 regions. Meanwhile the pair is likely test the resistance lines at 1.1700, 1.1750 and 1.1800 this week. Key Levels: R1- 1.1690, R2 – 1.1699, R3 – 1.1714. S1 – 1.1667, S2 – 1.1652, S3 – 1.1643. GBPUSD The pair begins this week on a positive note, moving upward again to 1.3000 as it awaits the opening bell. It tested the distribution territory at 1.3100 last week before a correction that took it to 1.2950. Concerns over the UK politics and Brexit seem to have eased, and this is why the Pound found its feet again. Movement above the distribution territory at 1.1300 will help restore bullish confidence, but movement below the accumulation territory at 1.2800 could result in a bearish bias. Presently the pair is gaining 0.20% at 1.3040, which opens the door to 1.3115 and 1.3127. Key Levels: R1 – 1.3014, R2 – 1.3022, R3 – 1.3033. S1 – 1.2995, S2 – 1.2984, S3 – 1.2976. USDJPY The pair is yet to recover from 4-week lows and remains near the 111.20 region after the European stocks opened this week. Price dropped 140 pips last week (330 pips since July 11), tested the demand level at 111.00, and will most likely breach it this week. The Hawks could be disappointed this week as investors await the FOMC policy decision due on Wednesday. The pair’s movement is very much uncertain, but there is a strong chance that price will fall further due to the concerns about the US political affairs. Key Levels: R1 – 111.10, R2 – 111.32, R3 – 111.43. S1 – 110.77, S2 – 110.66, S3 – 110.44. EURJPY The pair has shown little or no movement as it flirts around the 129.00 handle. Previously the pair recorded some gains after the ECB actions, but there a reversal and this is still maintained on Monday. Investors are under pressure to sell since the EURO-zone PMI prints failed to boost the pair. However, the Euro strength has allowed the bullish bias to hold but, this week, the supply zones at 130.50 and 131.00 will likely be tested. On the other hand, if the 128.55/50 region is breached; the price could slide towards 128.00 and down. Key Levels: R1 – 126.59, R2 – 129.88, R3 – 129.99. S1 – 129.59,, S2 – 129.30, S3 – 129.12. [/QUOTE]
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