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Trading analysis EUR/USD (a 4-hour chart)

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  • Trading analysis EUR/USD (a 4-hour chart)

    EUR/USD (a 4-hour chart)

    General overview

    The currency pair EUR/USD grew taking advantage of the weak US dollar. The dollar was under pressure since the middle of the trading week amid the FOMC minutes and the new Finance Minister Steven Mnuchin's statements on tax reform.

    Current situation

    Despite the recent growth the EUR/USD pair remained in a downward channel. Buyers just managed to lead the price to its upper limit. The overnight’s recovery attempt stalled just under 1.0600 barrier in the early European hours. The pair’s upside lost some vigour finding fresh offers around the level. Buyers tried to break above 1.0600 ahead of the NY opening. The price broke the 50-EMA in the 4 hours chart and stayed above the moving average. 100-EMA crossed 200-EMA downwards. The 50 and 100 EMAs pointed lower while 200-EMA was neutral in the mentioned timeframe. The resistance is at 1.0650, the support comes in at 1.0600.

    MACD grew which indicates the sellers’ positions weakening. RSI was neutral.

    Trading recommendations

    A move above 1.0600 will support buyers sending the market to 1.0630 – 1.0650. A return to 1.0550 may open the way for a move to 1.0500.

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