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Market View

Forex Daily Outlook

Friday, July 10, 2020 2:58 PM GMT

EURUSD violated the short-term rising channel to the downside. It bounces from the daily pivot S1 and is heading towards the lower side of the broken channel. Sellers may potentially step in this area.  Bulls have to maintain 200SMA (60m) intact otherwise the bias will turn to bearish. In the meantime, the negotiations between the EU members still haven’t completed regarding the 750bn package. This fact may weigh negatively the EUR.     

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60min

GBPUSD created a daily Doji after retracing back to 1.258 and bounced on the lower side of the rising channel. It currently stalled below the daily pivot point while there was a bearish crossover with 20EMA and 50SMA. Most GBP pairs have been very strong as positive news from the post-Brexit talks.      

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60min

USDJPY is extremely oversold as it reached the pivot S3. It currently reverses to the upside but pivot S2 can act as short-term resistance. The pair hasn’t yet completed the wedge’s target to the downside. 

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60min

On the other hand, USDCHF continues the reversal run to the upside as it performed a bullish breakout of the declining channel. Bulls can have 20EMA as a guide. It currently stalled below pivot R1. 

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60m

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



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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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