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Technical Analysis Report - EUR/USD

01/08/2016 // 06:05:26 am

General outline:

The Euro gained position against the dollar after the positive Eurozone GDP data. The Dollar is facing the heat after the Fed refused to increase the rates or failed to give any clues over the date of a possible rate hike.


Present scenario:

The currency pair had a positive day on Friday. The instrument reached a new 5-week high around the 1.1200 level. The euro gained about 0.80% during the course of the day. The resistance is observed at 1.1200, the support exists at 1.1130.

According to the indicators, the bulls control the regime. MACD is in the positive territory. The histogram increased indicating the strength of the buyer. RSI moved to the overbought level.

The 4-hours chart displays that the price breached the 200-EMA which was its last obstacle on its way up. Now the price is moving north towards the 1.1200 region.

Trading commendations:

The price is expected to return to the 1.1100 region (200-EMA) where we recommend to buy. At present, the levels of 1.1130 and 1.1200 are the possible targets.

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