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Market View

Forex Daily Outlook

Thursday, July 9, 2020 1:41 PM GMT

EURUSD is under selling pressure after the explosive Asian session opening. It reached the major resistance zone (grey) among 1.138-1.14135. It almost approached the daily pivot point. There isn’t still bearish crossover between 5 and 20EMA while RSI(5) is getting oversold in the 60min timeframe. Today, the Eurogroup’s meeting takes place and traders anticipate the 750-billion package to be finalized. Worth mentioning is that ECB is running a purchasing program of 1.35 trillion euros of assets as a fighting measure against coronavirus.     

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60min

GBPUSD maintains its bullish momentum due to the positive news from Sunak’s speech and the post-Brexit discussions between EU and UK. After the bullish breakout of 61.8%, the pair is heading to a confluence of major resistances including 76.8% Fibo level, daily pivot R2, and the declining trendline. RSI(5) is getting very overbought but without forming negative divergences. The price is currently stalled below daily pivot R1.

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240min

USDJPY moved finally below 38.2% Fibo level and bounced at the trendline. Now, the 38.2% level works as resistance. The bias is bearish based on the MAs while RSI is rising from the oversold level. Today traders are focus on Initial Jobless Claims (expected near to 1.5mil).

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240min

USDCHF is bouncing to the upside after reaching the lower side of the downside channel. The bias remains heavily bearish though RSI(5) rises from the oversold level. It’s currently testing 23.6% Fibo level which acts as a resistance.

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240min

Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on EURUSD, USDJPY, USDCHF, and USDCAD while bearish on GBPJPY.

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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