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Market View

EURUSD Technical Outlook for 2016

Friday, December 23, 2016 4:45 AM GMT

2016 is near its closing and with this opportunity we reviewed the EUR/USD pair’s price range within the year and what we could look forward to in 2017!

The weekly timeframe indicates long term bearish bias. The price stayed within 2015’s range. The last days of the year the price tries to break this big consolidation.

In the event that we have a valid break down then our attention is on 1.09 and 0.96. These levels will give a potential opportunity to buyers.

Moving on the Daily timeframe, we notice how price action during 2016 was rather similar to 2015. The market respected the upper and lower levels within a considerable price range. The pair closed below the swing low of March and made new lows surpassing 2003 levels. Possible retest of the recent broken zone 1.04-1.05, would give more bearish momentum.

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