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Home » Daily Technical Reports » EUR/USD Today Technical Report 12/04/2016

EUR/USD Today Technical Report 12/04/2016

EUR/USD traded somewhat higher on Monday, hit resistance near the 1.1440 (R1) hurdle, and then it retreated again. Given that EUR/USD has been oscillating between that barrier and the support zone of 1.1335 (S1) since the 31st of March, I would keep my flat stance for now. I believe that a clear move above 1.1440 (R1) is needed to turn the short-term outlook back to the upside. Such a move could set the stage for extensions towards the psychological barrier of 1.1500 (R2). Looking at our momentum studies though, I see signs that the next move is likely to be a setback within the aforementioned range. The RSI has turned down again, while the MACD, although positive, shows signs that it could fall back below its trigger line. Switching to the daily chart, I see that EUR/USD is still trading between the 1.0800 key zone and the psychological area of 1.1500 (R2). Therefore, I would keep the view that the broader trend remains sideways.

EURO 12

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