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I am not a certified trader but have been involved in the Forex technical analysis for more than 4 years and I would like to share with you my personal opinion about the EUR/USD latest price swings. Feel free to comment/ share your opinion as well.
Time frame analysis: Daily Chart Entry and stop Loss: 4 Hrs chart or 1 Hour Chart
The Euro has tested again the 23.6% Fib retracement of the short term uptrend projected from March low setting up the trend reversal (point B) and April swing low (Point B’ ). Possibly helping keep the bullish outlook is the price testing the upper parallel belonging to the ascending channel running up from the April low.
A break below the 23.6% level could see a price drop to the 38.2% Fib level and a possible break of the upper channel Level.
Price closing higher than the previous day close could boost the bullish outlook of the Euro and reach the temporary resistance at the 1.1300 natural level and the November 8th high. The 1.300 is the 78.6% retracement of the downtrend (long term) projected from May 2016 high (Point A, Figure 2).
Price breaking above the 1.3000 level would see a continuation of the uptrend to the 1.3600.
The stochastic/RSI indicator is in the Bullish Oversold region (Figure 3). A cross over and rise above the 20 lower band level would confirm the trend upward momentum.
**Economic calendar for Friday: Some Medium data event from Europe and the US namely, markets’ PMIs.
Happy Trading
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