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Technical Analysis Report - EUR/USD

11/08/2016 // 07:45:32 am

General outline:

Wednesday saw the Euro regained its position in the market at the likelihood of a possible rate hike later this year.

Present scenario:

The euro bounced back from its position and climbed north. The resistance is observed at 1.1200, the support stands at 1.1130.
MACD is pointing to the weakening position of the sellers. RSI approached the overbought area.

A narrow range is formed by the 50, 100 and 200 EMAs are forming a narrow range in the 4-hours chart. The price is heading from the moving averages in the mentioned time frame.

Trading commendations:
If the EUR/USD does make a breakout at that level 1.1200, it is expected to grow to the level 1.1270. Else, the pair will fall to 1.1050.

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