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EUR/USD Technical Analysis & Daily Chart

Published on: 03/01/2017

General Analysis

The EUR/USD currency pair has continued to move sideways during the whole of last week.

It should be remembered that not so long ago the price broke through the major support level at 1.0520 and the price successfully fixed below it. Then it back-tested the support but at the time of testing there was a sharp surge in activity, therefore the price climbed almost to 1.0670 but then during the same day again fell below the 1.0520 support.

Considering the overall picture on the graph for the EUR/USD, we can distinguish a clear downward trend and the presence of sell signals such as a break through the price channel boundaries and a back testing of it, so we can expect that the further decline in this currency pair will continue.

The Schedule Stochastic indicator turned inside the neutral zone and demonstrates the downward movement.

The following points to reduce the EUR will be the levels 1.0200 and 1.0180.

We recommend opening the deal to sell with average lots and placing S/L orders above 1.0650.

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