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EURUSD reclaims 1.16 plus a potential trading scenario!

Thursday, November 9, 2017 11:51 AM GMT

Euro is reversing towards Dollar and is reclaiming the 1.16 level during London’s session. Reviewing the H4 TF, the pair is following amazingly the 200 SMA. Therefore, we may consider 200 SMA as a major trend guide in H4 TF. RSI (5) is overbought so bulls need to be cautious.


Heading to the hourly TF, we have noted a rising channel and a potential bullish trading scenario. However, this will be busted if price violates 1.159 to the downside.


Traders should be aware of the upcoming events:

US - Initial Jobless Claims (Nov 3) Previous: 229K, Forecast: 231K
US - Continuing Jobless Claims (Oct 27) Previous: 1.884M, Forecast: 1.890M
EU - ECB Vice President Vitor Constancio speech
Germany - German Buba President Weidmann speech

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