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Weekly forecast Euro / US Dollar technical chart
Symbol EURUSD

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateMay 9, 2020 - 20:59
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.11450, beginning of downtrend is expected.
  • We make sure when the support at 1.06350 breaks.
  • If the resistance at 1.11450 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle.
  • A peak is formed in daily chart at 1.1015 on 05/01/2020, so more losses to support(s) 1.0765 and minimum to Major Support (1.0635) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 46.

Supports and Resistances:

  1. 1.2555
  2. 1.2230
  3. 1.2030
  4. 1.1865
  5. 1.1725
  6. 1.1570
  7. 1.1450
  8. 1.1345
  9. 1.0350
Click on the level to view price action history.

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