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Technical Analysis Report - EUR/USD

03/08/2016 // 05:46:12 am

General outline:

Personal Incomes recorded at 0.2% failed to match the with the anticipation of the forecasts. However, Personal Spending displayed 0.4% which met the expectations of the traders. The dollar continued to exist under pressure.

Present situation:

The EUR/USD pair climbed to new heights post-Brexit. The instrument pair is at the peak of its ascending channel on Tuesday. The resistance is observed at 1.1270, the support stands at 1.1200.

The indicators continued to exist in the positive area. MACD is also in the positive area. Rise in the histogram signals the strength of the buyers. RSI exists in the overvalued zone.

The instrument is ascending above of the 50, 100 and 200 Day EMAs. The moving averages are turning upwards, 50-EMA is breaking the 100-EMA upwards and approaching the 200-EMA generating a buy signal

Trading commendations:

The pair appears to be moving towards its upcoming resistance near 1.1270. We recommend buying on pullbacks.

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