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1/20/2016 2:59:32 AM

Euro readies to attack a pivotal resistance - Technical Analysis - 20-01-2016



EUR/USD rose in the intraday levels and short-term trading, with the ongoing positive pressure from the SMA50, readying thereafter to attack the pivotal resistance of 1.0974, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the medium term (from 1.1713 to 1.0517), with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart.

Therefore we expect more gains to come for the pair, but first it has to confirm its upward resolve by breaching the resistance of 1.0974, targeting thereafter the resistance of 1.1115, which represents the ratio 50% of the same retracement levels.


Target
Risk


Support
Resistance


Trend Bullish

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