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Long-term review
Company does not offer investment advice and the analysis performed does not guarantee results

EURUSD is showing stabilizing signs as the bearish trend has weakened and there are signs of a possible bounce towards 1.13. Short-term and medium-term trend remain bearish, however we expect short-term trend to change to bullish and provide us with a good bounce at least towards 1.13.

Exchange Rates 08.04.2019 analysis

Red lines - bearish channel

Green rectangle - support area

Black line - short-term resistance

Blue lines - bullish divergence

The bullish divergence signs we talked about last week were a warning for bears that the down trend was losing momentum. On a break above the black short-term trend line resistance I would expect EURUSD to reach fast the 1.1270 level and ideally would test the upper channel boundary and the 1.1310-1.1330 resistance area. Major resistance is found at 1.14-1.1450 area and recapturing this level would change medium-term trend to bullish.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Companies Group © 2007-2020
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