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Market View

EURUSD Daily Technical View

Friday, February 17, 2017 4:21 AM GMT

Wednesday we had a large bullish reversal candle and yesterday we continued with positive momentum up to the 1.0675 level. The pair retraced back and it is currently around 1.064 area. Analysts estimate that the Dollar will rise on both the Fed outlook and the Trump tax plan idea, but we don't count on it.


Two long term patterns are visible. But they will be cancelled in the event we have new lows considering the symmetry would be lost. We can see a potential inverse Head and Shoulders which will be activated only if price breaks out the neckline. Secondly, there is a potential ABCD pattern but we must not see new lows below 1.052 level.



Heading on the hourly timeframe, we have noted the major support zone around 1.059 to 1.056, which buyers need to hold in order to keep their hopes for new highs. Also, we have noted how the price may move according to the higher resistances in case we have a bullish momentum. We may have a short-term support on 1.0622 level too.

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