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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203175, member: 80239"] [HEADING=1][CENTER]EUR/USD[/CENTER][/HEADING] [CENTER]Market uncertainty persists[/CENTER] [HR][/HR] [JUSTIFY]The EUR/USD pair has been trading in the sideways range of 1.1350-1.1230 (Murray [2/8]-[0/8]) since the end of last month. Investors remain less active on the eve of the New Year and monitor the dynamics of the incidence of coronavirus infection caused by the Omicron strain. At the moment, the authorities of the USA and European countries are trying to minimize restrictive measures, trying to prevent their impact on the national economy and not cause a new negative reaction among the population. Nevertheless, the update of daily anti-records against the background of an increase in the number of infected COVID-19 around the world makes experts sound the alarm. So, in the USA, the daily incidence has reached its highest during the entire pandemic, which levels the weakness of Omicron and increases the shortage of personnel at enterprises, limiting business activity. Under these conditions, it is quite possible to expect that local authorities will go to tighten quarantine after the New Year holidays, since it is sanitary measures that will help significantly contain the spread of the virus. Today, data on initial applications for unemployment benefits will be published in the USA, which will illustrate the impact of the pandemic on the labor market. In case of an increase in the indicator, the US currency may be under pressure. As for the euro, its position is also unstable, since the situation with morbidity in the eurozone countries is similar to the American one. The indicators are growing, which may cause the introduction of new quarantine measures. It should also be noted that recently there is an opinion among officials of the European Central Bank (ECB) that inflation in the eurozone may be higher than the regulator's forecasts. The negative dynamics should serve as a driver for an additional reduction in economic incentives, but concrete decisions in this direction from the ECB in the near future probably will not follow. Support and resistance In the near future, the price of EUR/USD is highly likely to remain in the range of 1.1350-1.1230. If the level of 1.1290 breaks down (Murray [1/8], the middle line of the Bollinger Bands), the decline of the trading instrument will continue to 1.1230, after which the growth may resume to the upper limit of the 1.1350 channel. The indicators do not give a single signal: the MACD histogram is decreasing in the negative zone, but the Stochastic has reversed down. Resistance levels: 1.1350, 1.1413, 1.1475 Support levels: 1.1291, 1.1230, 1.1170, 1.1100[/JUSTIFY] [ATTACH type="full"]19745[/ATTACH] [/QUOTE]
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