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Market View

EURUSD Daily Technical view

Wednesday, January 11, 2017 6:11 AM GMT

Today’s look on the daily timeframe shows the pair is consolidating between 1.06 to 1.05 range. There is confluence of resistances on the grey zone like 55EMA, 38% Fibonacci level and the round number 1.06. The immediate momentum remains positive as long as price stays above the zone 1.05-1.048.  

Potential upside move above 1.06 – 1.065, can drive prices up to 50% and 61.8% levels.

Upcoming important events that will give volatility to EURUSD:

Donald Trump's news conference 18:00 (GMT +2)


(EMA = Exponential Moving Average, SMA= Simple Moving Average
5EMA=Purple, 21EMA=Gold, 55EMA=Green, 200SMA= Blue)

On hourly timeframe, there are bearish crossovers on our moving averages like 5-21-55 EMAs, giving a downward momentum. Prices have already tested once at the 38% level and there is a confluence with 200SMA now. Next important supports will be the grey zone 1.05-1.048 as mentioned earlier and 61.8% level. Possible bullish rejections on those levels, can give buying opportunities.


(EMA = Exponential Moving Average, SMA= Simple Moving Average
5EMA=Purple, 21EMA=Gold, 55EMA=Green, 200SMA= Blue)

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