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Thread: EUR/USD pair discussion

  1. #4381
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    Ademic is an unknown quantity at this point Ademic's Avatar
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    Hi, everyone!

    Here is my outlook for EUR/USD for today.
    The general bias is flat with an incline to the upside. At the moment of writing I noticed a signal of a bearish pullback at the level of 1.1590.
    The level of 1.1570 is the key one. If the price breaks it, the upward trend will be confirmed. On the other hand, the price shows signs of a bearish trend at 1.1590. If it is broken, then the upward trend will be reversed. The level at which the trend will be confirmed is 1.1649. At 1.1655 the price can pull back, while breaking it, the price will reach 1.1670 and 1.1680.
    My expectations are rather modest today. As usual, the price will pull back from 1.1655, 1.1670, and 1.1680 during the European session and then move to 1.1570.

    The trading range for today is 1.1655 on the upside and 1.1280 on the downside. Let me remind that yesterday the upper boundary of the channel was at 1.1660. So, the price is under bearish pressure though the underlying trend is northward. Upwards trend will be confirmed at 1.1649, and the downward trend will be confirmed at 1.1570.
    Once again, the price is trading flat, so these levels are weak.

    As for now, I’m waiting for the price to approach the level of 1.1615. From there it can pull back and rebound to 1.1640. After that, a retest of 1.1615 is possible, and if broken, the price will decline to 1.1590 and 1.1570.
    That is all I have to say. Good luck!

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  3. #4382
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    Hi, my dear colleagues!

    What happened yesterday?

    Yesterday the price made an impossible move - it approached the levels of 1.1690 – 1.1695 that I mentioned two weeks ago.
    For me, this level is rather important in terms of formation of the reversal pattern 1-2-3 with the target levels at 1.1733, 1.1625 and 1.1619.
    This pattern is clearly seen on the H4 chart and can be notices on the D1 time frame. But it has more significance on the H4 time frame as it reverses the trend between 1.1300 – 1.1733 levels.

    What can we see now?

    As for now, the price has rebounded from 1.1700 to 1.1690 and held at highs overnight. Therefore, the fact that the daily candlestick has no upper shadow is a signal that the upward trend may continue.

    Support and resistance levels

    The dynamic levels became invalid, so now I have two support zones: 1.1611 – 1.162 and 1.1662 – 1.1674. As for the resistance zone, it is rather vast and is composed of dynamic levels and levels based on local peaks. This zone is located between 1.1733 and 1.1800.
    The biggest congestion of levels is found in the area of 1.1733 – 1.1765.

    What am I expecting?

    I’m expecting that the pattern 1-2-3 with targets at 1.1733 – 1.1525 – 1.1690 will not be formed. Instead of that, we will see continuation of an upward trend to the major resistance zone at 1.1733 – 1.1765. Probably, the price will rebound from there. In case it breaks this zone, then reaching the level of 1,1850 is possible.
    Today my main expectation is that the price will reverse from the resistance zone at 1.1733 – 1.1765 and not go further. Only in that case the downward bias will be retained. Otherwise, the upward trend will prevail in the medium term.

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  5. #4383
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    Hizqeel888 is an unknown quantity at this point Hizqeel888's Avatar
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    EUR/USD last friday was fallen by lowest of the two weeks high. Euro-zone inflation is expected to remain steady.The pair regain some positive trend at the start of the trading week as traders look forward to release Euro-zone CPI print for some fresh impetus. As second tier-economic date including the Empire state manufacturing Index from USA seem unlikely as meaningful impact on the USD.

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