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Technical Analysis Report - EUR/USD

10/08/2016 // 05:20:07 am

General outline

The market is gloom at present and the euro traded in a fix. The demand for the euro is limited by the European stocks strengthening.

 

Present scenario:

The mood of the market is still low and the pair spent the day in a narrow range between the levels of 1.1080 and 1.1100. The instrument tried to conquer the 1.1130 level, but failed. The price spiked and returned into the range. The resistance is seen at 1.1130, the support stands at 1.1050.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI stayed close to the oversold area.

In the 4-hours chart, the moving averages are forming a narrow range. The price strived to breach the 50, 100 and 200 Day EMAs upwards but failed to do so.

 

Trading commendations:

The currency pair is under stress. The price will meet the further downside pressure after breaching the level of 1.1080 earthwards.

 

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