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All Traders' eyes at 1.155 for EURUSD

Wednesday, June 20, 2018 12:53 PM GMT

The increasing trade war is having a negative impact on the financial markets. The Beijing is blaming the United States of “extreme pressure and blackmailing” and saying to repay the US back with similar actions. Most major indices have lost their gains for 2018 while they are currently trying to trim their losses during today's session. 

On the other hand, all Traders’ eyes are at 1.155, a major level for EURUSD.  The pair is trying to hold the specific support for almost one week. The Stochastics has failed to go above the oversold area which is a potential indication of weakness. The MACD is recording a positive divergence however, it would be better if the price had formed a new lower low. As long as the price is not having a daily close below 1.155, then buyers may have an opportunity to regain the momentum.


Heading to the hourly timeframe, the pair is forming a potential falling wedge even though pattern’s symmetry is not perfect. However, if price closes above T1 then it may activate a target of 100 pips to the upside. Traders may have a short-trade setup if the price reaches 1.173 or the declining 200 SMA. In addition, MACD is forming the second positive divergence, which can be considered as bearish weakness.


(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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