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EURUSD moves in a wide range but still bullish!

Tuesday, April 17, 2018 10:34 AM GMT

Today was a negative day for the macroeconomic news for EU. The German ZEW Survey - Economic Sentiment was worse than expected (Previous: 5.1, Forecast: -1.0, Actual: -8.20) as well as the Current Situation (Previous: 90.7, Forecast: 88.0, Actual: 87.9). Most Italian economic news was negative too. This had an immediate bearish impact to EURUSD. After penetrating 1.24 level, it failed to hold and it’s currently correcting to the downside. According to the daily timeframe, the pair is still consolidating within a wide range as we have already mentioned in the previous post. However, traders should watch the Stochastics as gives a negative divergence. The EMA’s are offering short-term supports and the crossover (5/21 EMA) still remains intact.



Heading to hourly timeframe, there is a decent support level (1.234) which it may offer a potential buying opportunity if the price continues lower.
The intraday trend stays bullish as long as the price is above 200 SMA.



(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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