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Old 01-31-2017, 03:15 AM
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Default Re: Economic and company news by ForexMart

EUR/USD Technical Analysis: January 31, 2017

The single European currency takes no attention to the upbeat of Spain’s GDP and it continued to weaken on Monday. The markets await for the impending meeting of the ECB while there are speculations the Consumer Price Index would be in the green.

The EURUSD break upwards in the daily open yesterday. The price reaches the region 1.0700 up to 1.0740 amid Asian hours.

The negative stance of the dollar was reversed as the Asian session took place. Bullish investors were unable to resume their gains as they decided to give way to the sellers. While the bears managed to lead the spot towards 1.0700. Before the opening of the New York trades, a renewed selling interest developed.

The pair made an even break downwards and touched 1.0650 level. The price pushed the 50-EMA lower while the 100-EMA was tested as indicated in the 4-hour chart during the middle session of Europe. The 100 and 50-EMA directed upwards, 200-EMA is flat. Resistance is mentioned at 1.0700 region, support is shown at 1.0650 handle.

The MACD lies at the middle point. Should the indicator arrive in the positive zone will indicate added strength for the buyers, however, an entry through the negative territory will signal seller’s ability to dominate the market. RSI comes in the neutral zone, en route southwards.

It is recommended for the 1.0750 resistance to test again prior to the pair’s rally as it approaches 1.8000 range. But the spot might change and it becomes bearish for this moment. If the price focuses on the mark below 1.0650, the 1.0550 level is possible to open.
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